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Fairchild rejects Chinese takeover bid; On Semi soars

Feb. 17, 2016 4:46 AM ETON Semiconductor Corporation (ON) StockONBy: Yoel Minkoff, SA News Editor
  • 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)

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