ON Semiconductor Extends Tender Offer To Acquire Fairchild Semiconductor

Fairchild Semiconductor Intl IncFCS

announced on Tuesday that its Board of Directors rejected an offer to be acquired by a consortium of investors led by China Resources Microelectronics and Hua Capital Management for $21.70 per share. At the same time, the company reaffirmed its commitment to be acquired by

ON Semiconductor CorpON

for $20 per share. Related Link:

Fairchild Semiconductor Says Purchase Proposal From China Resources Is Not A Superior Bid Compared To ON Semiconductor On Friday, ON Semiconductor said that it has extended its prior tender off to acquire all of the outstanding common shares of Fairchild Semiconductor for $20 per share. The offer will now expire 1 minute after 11:59 PM ET on March 3, 2016. ON Semiconductor added that as of the close of business on February 18, approximately 16.99 million shares of common stock of Fairchild have been validly tendered and not properly withdrawn, representing approximately 15 percent of the outstanding shares of Fairchild's common stock. Shares of Fairchild Semiconductor closed for trading at $19.99 on Thursday.

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ON Semiconductor Extends Tender Offer To Acquire Fairchild Semiconductor