ON Semiconductor Corporation announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International Inc. for $20.00 per share in cash. The offer will now expire one minute following 11:59 p.m., New York City time, on April 14, 2016, unless further extended as required or permitted by the merger agreement. All other terms remain unchanged.
In January, Fairchild said an unsolicited offer of $21.70 a share from China Resources Microelectronics Ltd. and Hua Capital Management Co would likely constitute a “superior proposal.” By labeling the bid from the Chinese investment group as “superior,” Fairchild was able to engage in discussions with the company, though the company rejected the proposal in February. ON Semiconductor extended its offer without raising the bid.