Tender Offer Deadline Extended By ON Semiconductor To Buy Fairchild Semiconductor

ON Semiconductor Corporation ON disclosed Friday that it extended its previously disclosed tender offer to buy all the outstanding shares of Fairchild Semiconductor International Inc. FCS for $20.00 per share in cash. Accordingly, the offer would come to a close on July 7 unless extended by the company once again.

The two companies indicated there were no changes in the terms and conditions of the Offer except the closing date. ON Semiconductor has so far received about 46.161 million shares of Fairchild until June 23. That excluded 4.68 million shares tendered by notice of guaranteed delivery for which shares were not delivered. In all, it received about 40.7% of the outstanding shares of common stock of Fairchild.

The two firms press statement said, "Pending satisfaction of the conditions to the Offer, the merger agreement requires successive 10-business day extensions of the Offer, and ON Semiconductor currently intends to continue making such successive extensions, subject to the other terms and conditions of the merger agreement. This press release is being issued under applicable securities laws in order to notify Fairchild's stockholders of the extension."

ON Semiconductor said the completion of the tender offer remained subject to some customary conditions set forth in the Offer to Purchase of December 4 last year as amended, and other related materials by which the Offer is being made.