Renesas Electronics Corporation Proposes Tender Offer to Acquire Sequans Communications
In an intriguing move in the tech world, Renesas Electronics Corporation, a prominent Japanese corporation, has put forth a tender offer to acquire all outstanding ordinary shares and American Depositary Shares of Sequans Communications S.A.
Details of the Tender Offer
Initiated on September 11, 2023, the offer is set to acquire each ordinary share for $0.7575 and each American Depositary Share for $3.03. The key goal behind extending the expiration date of the tender offer is to allow ample time for satisfaction of the remaining closing conditions, obtaining regulatory approvals, and achieving the valid tender of at least 90% of the fully diluted ordinary shares of Sequans. As of January 19, 2024, approximately 41.8% of the fully diluted ordinary shares of Sequans have been tendered.
Advisors and Documents
For this strategic move, Renesas has sought advice from BofA Securities and Goodwin Procter LLP while Sequans is being advised by Needham & Company and Orrick, Herrington & Sutcliffe LLP. The tender offer materials, including an offer to purchase, a related letter of transmittal, and other pertinent documents, along with a solicitation/recommendation statement and transaction statement, have been filed with the U.S. Securities and Exchange Commission (SEC). These documents are of utmost importance for Sequans’ shareholders, providing essential information that they should meticulously consider before making any decision regarding the tender offer.
Cautionary Note
The communication proffered concerning this tender offer is solely informational in nature. It does not constitute an offer to purchase or a solicitation of an offer to sell securities, nor does it serve as a replacement for the official tender offer materials or the solicitation/recommendation statement filed with the SEC. Sequans’ investors and security holders are strongly advised to read all the relevant documents filed with the SEC, inclusive of any amendments or supplements, before making any decision regarding the tender offer. These documents provide crucial details about the offer, Renesas, and Sequans, and are available free of charge on Sequans’ website, as well as on the SEC’s website.
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