Fairchild Semiconductor Will 'Carefully Review And Consider' Revised Unsolicited Proposal
On November 18, Fairchild entered into an agreement and plan of merger with a subsidiary of ON Semiconductor Corp (NASDAQ: ON). As part of the initial terms, the company would acquire all outstanding shares of Fairchild for $20 per share in cash.
Fairchild acknowledged on Tuesday receipt of a revised, unsolicited proposal to acquire all of the outstanding shares of Fairchild for $21.70 per share in cash.
Fairchild said it will "carefully review and consider" the offer from the unidentified bidder.
The stock was trading up 3.2 percent at $20.65 in the pre-market session.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.