Fairchild Semiconductor Intl Inc 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 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.
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