Renesas Electronics has extended the expiration date on its offer for French chip designer Sequans following delays in regulatory approvals.
The tender offer by Renesas for Sequans, announced in September, was previously scheduled to expire at the end of today, New York time. This has now been extended at February 5 to allow additional time for the satisfaction of the remaining closing conditions of the tender offer. This doesn’t include the already agreed CFIUS approval in the US, NSIA approval in the UK and Taiwan merger control approval, which implies the issue is with approval in China,
However so far only 41% of Sequans shares have been tendered as part of the offer which puts the deal in doubt.
- Renesas to snap up Sequans for $249m
- Sequans teams for US multiband module
- Renesas aim at smart homes with Sequans cellular NB-IoT
Sequans has a product portfolio based on its flagship Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms with global deployment capability that fits with the Renesas wireless portfolio after the acquisition of Dialog Semiconductor. For 5G/4G broadband IoT applications, Sequans offers a product portfolio based on its Cassiopeia Cat 4/Cat 6 4G and high-end Taurus 5G chip platforms, optimized for low-cost residential, enterprise, and industrial applications.