Renesas Extends Tender Offer for Proposed Acquisition of Sequans
January 31, 2024 | RenesasEstimated reading time: 1 minute
Renesas Electronics Corporation and Sequans Communications S.A. announced that Renesas has extended the expiration date of its tender offer to acquire all of the outstanding ordinary shares of Sequans for $0.7575 per ordinary share and American Depositary Shares (ADSs) of Sequans for $3.03 per ADS (each ADS representing four ordinary shares) in cash, without interest and less any applicable withholding taxes.
The tender offer, which was previously scheduled to expire at one minute after 11:59 P.M., New York City time, on January 22, 2024, has been extended until one minute after 11:59 P.M., New York City time, on February 5, 2024, 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 (other than the previously announced CFIUS approval, NSIA approval and Taiwan merger control approval) and the valid tender of ordinary shares and ADSs of Sequans representing – together with ordinary shares and ADSs of Sequans beneficially owned by Renesas, if any – at least 90% of the fully diluted ordinary shares of Sequans.
The Bank of New York Mellon, the Tender Agent for the tender offer, has advised Renesas that as of 6 p.m., New York City time, on January 19, 2024, approximately 116,077,972 ordinary shares of Sequans (including ordinary shares represented by ADSs), representing approximately 41.8% of the fully diluted ordinary shares of Sequans, have been validly tendered and not properly withdrawn pursuant to the tender offer. Holders that have previously tendered their shares do not need to re-tender their shares or take any other action in response to this extension.
The tender offer is being made pursuant to the Offer to Purchase, dated September 11, 2023 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), the related Ordinary Share Acceptance Form, ADS Letter of Transmittal and certain other offer documents (together with any amendments or supplements thereto), copies of which are attached to the combined Tender Offer Statement and Rule 13e-3 Transaction Statement filed under cover of Schedule TO by Renesas and Renesas Electronics Europe GmbH with the U.S. Securities and Exchange Commission (the “SEC”) on September 11, 2023, as amended.
Suggested Items
SEMICON Europa 2024 Call for Abstracts Opens
05/21/2024 | SEMISEMI Europe announced the opening of the Call for Abstracts for SEMICON Europa 2024, to be held November 12-15 at Messe München in Munich, Germany. Selected speakers will share their expertise at the Advanced Packaging Conference (APC), Fab Management Forum (FMF), MEMS & Imaging Sensors Summit and during presentations on the show floor.
American Standard Circuits/ASC Sunstone Circuits Showcase Cutting-edge Technology at PCB East 2024
05/21/2024 | American Standard CircuitsAmerican Standard Circuits (ASC) and ASC Sunstone Circuits are excited to announce their participation in PCB East 2024, a premier event for the printed circuit board and electronics design industry. The event will take place from June 4-6, 2024, at the Boxboro Regency Hotel and Conference Center in Boxborough, MA.
India PC Market Grew 2.6% YoY in 1Q2024 with 3.07 Million Units Shipped
05/20/2024 | IDCAccording to recent data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker, India’s traditional PC market (inclusive of desktops, notebooks, and workstations) shipped 3.07 million units in 1Q2024, up 2.6% year-over-year (YoY).
Avnet Launches QCS6490 Vision-AI Development Kit
05/17/2024 | AvnetThe QCS6490 Vision-AI Development Kit from Avnet enables engineering teams to rapidly prototype hardware, application software and AI enablement for multi-camera, high-performance, Edge AI-enabled custom embedded products.
Nortech Systems Reports Q1 Results and Actions to Reduce Facility Costs
05/17/2024 | BUSINESS WIRENortech Systems Incorporated, a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported first quarter ended March 31, 2024 financial results.