ON Semiconductor Extends Tender Off To Acquire Fairchild Semiconductor

ON Semiconductor Corp ON announced on Friday that it will extend its previously announced tender offer to fully acquire Fairchild Semiconductor Intl Inc FCS for a price of $20.00 per share. According to ON Semiconductor, its current offer will expire 1 minute after 11:59 P.M., New York City time, on April 14, 2016. The company added that all other terms and conditions for the acquisition remain the same. ON Semiconductor noted that as of the end of March, approximately 26.5 million shares, (23.3 percent of the outstanding shares) of Fairchild have been validly tendered and not properly withdrawn pursuant to the offer. Shares of ON Semiconductor were trading higher by 0.78 percent at $9.66 mid-Friday afternoon while shares of Fairchild were trading within 2 cents of the takeover offer throughout the entire trading session.