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Fairchild says Chinese bid could be better

Fairchild says Chinese bid could be better

Business news |
By eeNews Europe



As a result it is expected that On Semi may have to improve its offer if it wants to stay in the running to acquire Fairchild, a venerable name in Silicon Valley.

 

The Chinese deal – at $21.70 per share in cash – was tendered on December 28, 2015, from China Resources Microelectronics Ltd. and Hua Capital Management and values Fairchild at about $2.46 billion. The offer compares with one of $20 per share that Fairchild accepted and entered in a merger agreement with On Semiconductor on November 18. This values Fairchild at about $2.4 billion.

The bid is the latest in a series of offers, some successful some not, being made by Chinese equity firms implementing Chinese government policy to expand Chinas presence in the semiconductor industry.

However, Fairchild said it remains bound by is plan to be acquired by On Semi and the board of directors is not making any recommendation with respect to the revised proposal from China.

Related links and articles:

www.fairchildsemi.com

News articles:

Chinese group makes late bid for Fairchild

On Semi set to buy Fairchild for $2.4 billion 

Report: Fairchild in sale talks with Infineon, On Semi

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