Friday, February 19, 2016

ON Semiconductor Extends Offer On Fairchild Semiconductor

Phoenix-based ON Semiconductor has extended its offer for Fairchild Semiconductor once more, saying this morning that it has extended its $20.00 per share in cash offer for Fairchild until March 3rd. ON Semiconductor made its offer for Fairchild in November. The offer comes after Fairchild Semiconductor rejected a competing, higher offer from Chinese companies China Resources Microelectronics Ltd and Hua Capital Management Co Ltd, this week, citing concerns that that offer would be rejected by U.S. regulators over Chinese ownership over a major U.S. industry. Fairchild had cited its concerns that the U.S. Committee on Foreign Investment in the United States (CFIUS) would reject the deal over national security issues. Fairchild's components are used heavily across a wide range of electronics products, including the defense sector.