Fairchild Semi Trades Higher; Board Says Company Can Consider Latest $21.70/Share Takeover Offer
Fairchild Semiconductor Intl Inc (NASDAQ: FCS) shares edged higher on Tuesday, amid commentary from the company's Board that it is expecting a superior offer on the latest buyout bid.
The company stated last week that it received a revised offer from China Resources and Hua Capital for $21.70 a share in cash.
According to a press release, the board's announcement allows Fairchild to consider the revised proposal despite an outstanding merger agreement with ON Semiconductor Corp (NASDAQ:ON).
"As previously announced on November 18, 2015, Fairchild entered into an Agreement and Plan of Merger with ON Semiconductor Corporation ("ON Semiconductor") (the "Merger Agreement"), under which a wholly owned subsidiary of ON Semiconductor has agreed to acquire all of the outstanding shares of Fairchild common stock for $20.00 per share in cash, " the company noted.
Recent Performance Strong, Except For ON Semiconductor
Fairchild Semiconductor opened at 20.47 last Thursday.
The company has a 52-week low of $12.22 and a 52-week high of $21.71, with a 50-day moving average price of $19.84. Its 200-day moving average price is $16.48.
ON Semiconductor lost 3.35 percent during the past week of trading and has underperformed broader indices by 12 percent in the past month.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.