Renesas extends tender offer for acquisition of Sequans
Renesas and Sequans announced on November 20 that Renesas has extended the expiration date of its tender offer to acquire all of the outstanding ordinary shares of Sequans.
The tender offer was previously scheduled to expire at one minute after 11:59 P.M., New York City time, on November 21, 2023. According to a company press release the tender offer has been extended until one minute after 11:59 P.M., New York City time, on December 6, 2023, unless the tender offer is further extended or earlier terminated.
The tender offer was extended to allow additional time for the satisfaction of the remaining closing conditions of the tender offer, including, but not limited to, regulatory approvals.
The proposed acquisition of Sequans is the latest effort by Renesas to expand its offering of connectivity products through strategic acquisitions, including the purchases of Dialog, Celeno and, most recently, Panthronics. Renesas and Sequans have been collaborating since 2020 to deliver full-scale solutions that combine Renesas’ embedded processors and analog front-end products with Sequans’ wireless chipsets for massive IoT and broadband IoT applications.
"Sequans is a leader in the fast-growing cellular IoT market with wide cellular IoT network coverage. The company’s technology gives Renesas a path to offer broad connectivity capabilities across IoT applications to address the evolving customer needs," Hidetoshi Shibata, President and CEO of Renesas, states in a separate press release.