Deals
China Resources Said to Revise Offer Terms for Fairchild Bid
- Offer at same $21.70-per-share price as earlier December bid
- Target's board still backs merger deal with ON Semiconductor
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A group led by China Resources Holding Co. and Hua Capital Management revised some terms of its offer for Fairchild Semiconductor International Inc. in an attempt to win backing from the target’s board, according to a person familiar with the matter.
Fairchild, which agreed to a merger last month with ON Semiconductor Corp., said it received a revised, unsolicited acquisition offer of $21.70 a share in cash. That would value the company’s equity at $2.46 billion. The amended proposal from a bidder identified as “Party G” is from the same group led by China Resources’ semiconductor arm, the person said, asking not to be identified because the discussions are private.