Fairchild Semiconductor, a global supplier of power semiconductors, announced the successful completion of the previously-announced tender offer by one of its wholly owned subsidiaries to acquire up to 100 percent of the outstanding shares of System General Corp. for NT$93 per share.
65,459,517 shares of System General stock were acquired on February 5, 2007, representing 95.59 percent of System General's outstanding shares. The tender offer expired as scheduled and was not extended. The total amount paid for the tendered shares was approximately USD $185.7 M, based on current exchange rates. The purchase price was funded with cash. The company intends to acquire the remaining System General shares through a share swap and merger, provided that certain conditions are met, including regulatory approvals, which the company expects to obtain.
In the transaction, approximately 250 System General employees will join Fairchild, including the current management team. System General will continue normal operations under its name prior to the share swap, and will operate as an independent business within Fairchild during that time. After the completion of the transaction, Fairchild and System General’s management will work together to combine the power conversion businesses of each company and form a single business unit targeting worldwide AC/DC offline power conversion applications.