Fairchild Semiconductor Acknowledges Receipt Of $21.70/shr Proposal

(RTTNews) - Fairchild Semiconductor International Inc. (FCS) acknowledged receipt of an unsolicited proposal to acquire all of the outstanding shares of common stock of Fairchild for $21.70 per share in cash.

As previously indicated on November 18, 2015, Fairchild entered into an Agreement and Plan of Merger, dated as of November 18, 2015, under which a wholly owned subsidiary of ON Semiconductor Corp. (ONNN), has agreed to acquire all of the outstanding shares of Fairchild common stock for $20.00 per share in cash.Fairchild's board of directors, in consultation with its legal and financial advisors, will carefully review and consider the Proposal.

Fairchild said it remains subject to the Merger Agreement and Fairchild's board of directors has not changed its recommendation in support of the Merger Agreement.