Renesas Extends Tender Offer and Receives UK NSIA Clearance for Proposed Acquisition of Sequans
Shareholders to Receive U.S. $0.7575 per Ordinary Share and U.S. $3.03 per ADS in cash
- The tender offer, which was previously scheduled to expire at one minute after 11:59 P.M., New York City time, on November 6, 2023, has been extended until one minute after 11:59 P.M., New York City time, on November 21, 2023, unless the tender offer is further extended or earlier terminated.
- The tender offer was extended to allow additional time for the satisfaction of the remaining closing conditions of the tender offer, including, but not limited to, regulatory approvals (other than the NSIA approval and the previously announced CFIUS approval) and the valid tender of ordinary shares and ADSs of Sequans representing - together with ordinary shares and ADSs of Sequans beneficially owned by Renesas, if any - at least 90% of the fully diluted ordinary shares of Sequans.
- The Bank of New York Mellon, the Tender Agent for the tender offer, has advised Renesas that as of 6 p.m., New York City time, on November 3, 2023, approximately 98,807,609 ordinary shares of Sequans (including ordinary shares represented by ADSs), representing approximately 35.2% of the fully diluted ordinary shares of Sequans, have been validly tendered and not properly withdrawn pursuant to the tender offer.
- Holders that have previously tendered their shares do not need to re-tender their shares or take any other action in response to this extension.