Deals
Fairchild Says China Resources Offer Seen ‘Superior’ to ON
- Board's decision opens door for two groups to begin talks
- Fairchild agreed to merger with ON Semiconductor in November
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Fairchild Semiconductor International Inc. said a revised takeover proposal from a group led by China Resources Holdings Co. and Hua Capital Management would “reasonably be expected” to lead to a “superior” offer for the company.
The board’s decision opens the door for the two groups to start talking to each other, the U.S. semiconductor company said in a statement Tuesday. Fairchild’s shares jumped 3.5 percent to $21.19 at the close in New York. They are up 29 percent over the past 12 months.