Fairchild says China Resources offer not superior to ON Semi's
Feb 16 (Reuters) - Fairchild Semiconductor International Inc said the unsolicited offer it received from China Resources Microelectronics Ltd and Hua Capital Management Co Ltd in December was not superior to ON Semiconductor Corp's deal.
In January, the chipmaker said the Chinese offer was superior to ON Semiconductor's deal.
After a review, and after consultation with its legal and financial advisers, Fairchild announced on Tuesday that the existing agreement with ON Semiconductor was superior.
ON Semiconductor in November agreed to buy Fairchild Semiconductor for $2.4 billion to bolster its business of making power-management chips.
In December, Fairchild said it received a revised offer from a Party G Group, later identified as China Resources Microelectronics and Hua Capital.
The company had also said Party G Group would pay Fairchild a higher reverse breakup fee than ON Semiconductor and reduce the due diligence period to two weeks from three weeks.
(Reporting by Anya George Tharakan in Bengaluru; Editing by Maju Samuel)
