ON Semi extends Fairchild tender offer, keeps terms unchanged

• ON Semi (NASDAQ:ON +0.1%) has once more extended its tender offer to acquire Fairchild Semi (FCS -0.4%) shares, this time to March 17. The offer price remains at $20, even with the sales price Fairchild agreed to with ON in November.
• ON: "Pending satisfaction of the conditions to the Offer, the merger agreement requires successive 10-business day extensions of the Offer, and ON Semiconductor currently intends to continue making such successive extensions, subject to the other terms and conditions of the merger agreement."
• Only 9.7% of Fairchild shares have been tendered to date. Fairchild still trades above ON's offer price, but only slightly so - last month, Fairchild rejected a $21.70 share bid from a Chinese group, citing regulatory concerns.
• Update: ON extends its tender offer again to one minute after 11:59 pm July 7. All terms and conditions remain the same.