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Fairchild bidder revises its offer
On the December 29 Fairchild Semiconductor received an revised, unsolicited proposal to acquire all of the outstanding shares of common stock of the company for USD 21.70 per share in cash.
The Fairchild’s board of directors, in consultation with its legal and financial advisors, will review and consider the revised proposal.
Fairchild has already entered – on November 18, 2015 – into an agreement and plan of merger with ON Semiconductor, under which a subsidiary of ON Semiconductor has agreed to acquire all of the outstanding shares of Fairchild common stock for USD 20.00 per share in cash.
In a press statement the company says that it remains subject to the merger agreement and Fairchild’s board of directors has not changed its recommendation in support of the merger agreement.
