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Home > Industry News

Deadline for Renesas Electronics' Acquisition of Sequans Postponed to February 5

Views : 60
Update time : 2024-02-01 10:39:59
        Renesas Electronics and Sequans jointly announced that Renesas Electronics has extended the expiration date of its offer to acquire all of the outstanding ordinary shares of Sequans at a price of $0.7575 per share and Sequans' American Depositary Shares ("ADSs") at a price of $3.03 per share ") (each ADS representing four ordinary shares), without interest, less any applicable withholding taxes.
        Renesas Electronics said that the offer, which was originally scheduled for January 22, 2024 at approximately 11:59 p.m. New York time, has been extended to the same time on the evening of February 5, 2024, unless the offer is further extended or earlier terminated. The Offer has been extended to allow additional time to satisfy the remaining closing conditions of the Offer, including, but not limited to, regulatory approvals (other than the previously announced CFIUS approvals, NSIA approvals, and merger control approvals in Taiwan, China), and valid tenders of Sequans common stock and ADSs - together with the Renesas Sequans common stock and ADSs owned by Electronics Salient. 
        Sequans was founded in 2003 and designs and develops chips and modules for Internet of Things (IoT) devices, according to the filing.Sequans offers a broad range of 5G/4G cellular IoT products, including 5G NR, Cat-4, Cat-1, and LTE-M/NB-IoT, which provide reliable IoT wireless connectivity without the need for a gateway. 
        Renesas Electronics has said that upon completion of the transaction, it intends to integrate Sequans' broad range of cellular connectivity products and IP into its core products, including microcontrollers, microprocessors and more. The Sequans acquisition further expands Renesas Electronics' range of IoT connectivity technologies.
        In addition to the Sequans acquisition, previously, on January 11, Renesas Electronics announced that it had entered into a definitive agreement with the gallium nitride (GaN) power semiconductor supplier, whereby the Renesas subsidiary will acquire all of the outstanding shares of common stock of Transphorm for $5.10 per share in cash, in a transaction valuing Transphorm at approximately $339 million. The transaction is expected to close in the second half of 2024, subject to Transphorm shareholder approval, regulatory clearances and the satisfaction of other customary closing conditions. 
        Renesas said the acquisition will provide Renesas with in-house technology for GaN, a key next-generation material for power semiconductors, thereby expanding its presence in fast-growing markets such as electric vehicles, computing (data centers, artificial intelligence, infrastructure), renewable energy, industrial power supplies, and fast chargers/adapters.
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