ON Semiconductor Extends Offer To Acquire Fairchild Semiconductor

ON Semiconductor extended its tender offer to acquire all outstanding shares of Fairchild Semiconductor at $20 per share, it said Friday. ON received a request for additional information from the FTC on regulatory approvals Thursday and the offer to acquire Fairchild, announced Nov. 18, will expire March 31 unless further extended, it said. ON Semiconductor plans to dispose of its ignition insulated gate bipolar transistors business to satisfy FTC antitrust concerns and said Fairchild and ON will continue to engage “closely and cooperatively with the FTC” is it finalizes its review of the transaction. The companies are confident the necessary regulatory approval will be obtained and said they received clearance for the acquisition from antitrust authorities in Germany and Japan.