onsemi Recommends Stockholders Reject Below-Market Mini-Tender Offer For The Purchase Of Up To 1.5M Shares Of onsemi's Common Stock At A Price Of $70.75 Per Share By TRC Capital Investment Corporation
Portfolio Pulse from Benzinga Newsdesk
ON Semiconductor Corporation (NASDAQ:ON), known as onsemi, has advised its stockholders to reject an unsolicited mini-tender offer from TRC Capital Investment Corporation for up to 1.5 million shares at $70.75 each, which is below the market value. The offer price is approximately 4.4% lower than onsemi's closing share price on March 19, 2024. onsemi has emphasized that it is not affiliated with TRC Capital Investment and has cautioned its investors to consult with their financial advisors and exercise caution. The offer, representing about 0.35% of onsemi's outstanding shares, is set to expire on April 19, 2024, but may be extended by TRC Capital Investment.
April 02, 2024 | 8:16 pm
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NEUTRAL IMPACT
onsemi recommends rejecting TRC Capital's mini-tender offer, citing the offer's below-market price and emphasizing the lack of affiliation with TRC Capital.
The direct impact on onsemi's stock price in the short term is likely neutral. While the offer is below market value, onsemi's proactive communication and recommendation for shareholders to reject the offer may mitigate any negative impact. Additionally, the offer represents a small fraction of onsemi's total shares, limiting its potential to influence overall stock performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100