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Fairchild Semiconductor gets $2.46 billion offer from unknown party

Staff writer |
Fairchild Semiconductor International received a buyout proposal from an unnamed party that trumps an agreed deal with ON Semiconductor.

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The new offer of $21.70 per share, which values Fairchild at $2.46 billion, tops an offer by ON Semiconductor of $20 per share. Fairchild said its board would consider the unsolicited bid but still supported the agreement with ON Semiconductor.

The unnamed party was identified by Bloomberg as a group led by China Resources Holdings. That state-owned company is a holding company for a group of energy, land and consumer businesses including China Resources Gas Group, China Resources Cement Holdings and China Resources Power Holdings.

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