ON Semiconductor Extends Tender Offer To Buy Fairchild

ON Semiconductor extended its previously announced tender offer -- to acquire the outstanding shares of Fairchild Semiconductor for $20 per share -- which expired Thursday. The latest extension expires July 7 at 11:59 p.m. EDT, said ON. It has received some 46.16 million shares of Fairchild common stock, not including 4.68 million shares tendered by notice of guaranteed delivery for shares not yet delivered. All other terms and conditions are unchanged, said the company. Terms of the merger agreement require successive 10-business-day extensions, and ON Semiconductor “currently intends to continue making such successive extensions,” it said. The initial purchase offer was made Dec. 4.