- Fairchild Semiconductor (FCS) has rejected a takeover offer worth about $2.5B led by Chinese state-backed buyers in favor of a bid from a U.S. rival because of concerns about regulatory approval.
- Fairchild had said in early January that it expected the Chinese bid to be a "superior proposal” - it amounted to $21.70 a share in cash, compared with the $20 a share that ON Semiconductor (NASDAQ:ON) was offering.
- The latter closed up 6% on Tuesday following the announcement.
- Previously: Fairchild reportedly set to accept Chinese offer, terminate ON deal (Feb. 02 2016)
Fairchild rejects Chinese takeover bid; On Semi soars
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