Renesas Electronics announced on Monday that it will extend the expiration date of its tender offer for Sequans. Under the Offer, Renesas Electronics plans to purchase a price of 0$7,575** to acquire all of the outstanding common shares of Sequans; At the same time, at 3US$03 for the acquisition of American Depositary Trusts (ADSs) of Sequans, each representing four ordinary shares. This transaction is interest-free and will be deducted from any applicable withholding tax.
In August 2023, Renesas announced a planned tender offer for Sequans, a leader in cellular IoT technology. Renesas Electronics proposes to trade at 3US$03** to acquire all outstanding shares of Sequans, including its American Depositary Depositary (ADS). The transaction values Sequans at approximately $2$4.9 billion, including net debt, is expected to close in the first quarter of 2024. Completion of the transaction is subject to confirmation of tax treatment, regulatory approvals and other customary transaction conditions.
Founded in 2003, Sequans specializes in the design and development of chips and modules for Internet of Things (IoT) devices.
Renesas plans to integrate Sequans' cellular connectivity products and intellectual property into its core product lines, including microcontrollers, microprocessors, and analog and mixed-signal front ends, upon closing. With the acquisition of Sequans, Renesas will further expand its reach in the field of IoT connectivity technologies.
The acquisition of Sequans is the latest move by Renesas to expand its chain of connectivity products through strategic acquisitions. Previously, Renesas had successfully acquired companies such as Dialog, Celeno, and Panthronics.