Renesas Electronics postpones expiry date of its offer to acquire Sequans
International Electronic Business 23, Local time Monday, Renesas Electronics and Sequans jointly announced that Renesas Electronics has extended the expiry date of its takeover offer. Unless the takeover offer is further extended or terminated earlier.
Renesas Electronics announced on its official website on Monday that it has extended the expiry date of its offer to acquire Sequans, with the former acquiring all of the outstanding ordinary shares of Sequans at a price of $0.7575 per share and the American Depositary Shares ("ADSs") of Sequans at a price of $3.03 per share ( Each ADS represents four ordinary shares), exclusive of interest, less any applicable withholding taxes.
In August 2023, Renesas Electronics announced that it would acquire Sequans, a leader in cellular IoT technology, through a tender offer. the former acquired all of Sequans' outstanding shares, including its American Depositary Shares ("ADSs"), at a price of US$3.03 per ADS. The transaction, which values Sequans at approximately $249 million (including net debt), is expected to close in the first quarter of 2024, subject to confirmation of tax treatment by the relevant authorities, regulatory approvals and other customary closing conditions.
The acquired party, Sequans, was founded in 2003 and designs and develops chips and modules for Internet of Things (IoT) devices.Sequans offers a broad range of 5G/4G cellular IoT products, including 5G NR, Cat 4, Cat 1, and LTE-M/NB-IoT, that eliminate the need for a gateway to provide reliable IoT wireless connectivity.
Upon completion of the transaction, Renesas Electronics intends to integrate Sequans' broad range of cellular connectivity products and IP into its core product portfolio, including microcontrollers, microprocessors, analogue and mixed-signal front-ends. The acquisition of Sequans will enable Renesas Electronics to further expand Renesas Electronics' range of IoT connectivity technologies.
The acquisition of Sequans is the latest step in Renesas Electronics' efforts to expand its connectivity product offering through strategic acquisitions, including the acquisitions of Dialog, Celeno, and the recently acquired Panthronics, the release noted.
The offer, which was originally scheduled for 22 January 2024 at approximately 11:59pm New York time, has been extended to the same time on the evening of 5 February 2024, unless the offer is further extended or terminated earlier. 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 Taiwan merger control approvals), as well as valid tenders for Sequans common stock and ADSs - together with Renesas Sequans common stock and ADSs owned by Electronic Salix.
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