Sequans Board of Directors Recommends that Shareholders Accept Renesas Tender Offer and Tender Shares
The Sequans Board recommends that the holders of outstanding ordinary shares, including American Depositary Shares ("ADSs") of Sequans (each ADS representing four ordinary shares), accept Renesas' offer and tender their outstanding ordinary shares and ADSs to Renesas in such offer.
- The Sequans Board recommends that the holders of outstanding ordinary shares, including American Depositary Shares ("ADSs") of Sequans (each ADS representing four ordinary shares), accept Renesas' offer and tender their outstanding ordinary shares and ADSs to Renesas in such offer.
- The closing of Renesas' tender offer will be subject to the valid tender pursuant to the tender offer of ordinary shares and ADSs of Sequans representing at least 90% of the outstanding share capital of Sequans on a fully diluted basis, including Sequans shares owned by Renesas, confirmation of tax treatment from relevant authorities, receipt of required regulatory approvals and other customary closing conditions.
- In connection the proposed acquisition of Sequans Communications S.A. ("Sequans") by Renesas Electronics Corporation, a Japanese corporation ("Parent" or "Renesas"), Parent will commence, or will cause to be commenced, a tender offer for all of the outstanding ordinary shares, American Depositary Shares of Sequans.
- At the time that the tender offer is commenced, Parent and Purchaser will file tender offer materials on Schedule TO with the SEC, and Sequans will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer.