iStatus: Pending Filing
Acquirer: Renesas Electronics Corporation (Japan)
Acquired: Sequans Communications S.A. (France)
Value: $249 million
Industry Tags: Semiconductors; Integrated Circuits; Telecommunications; Internet of Things
On August 7, 2023, “Renesas Electronics Corporation (TSE: 6723, ‘Renesas’), a premier supplier of advanced semiconductor solutions, and Sequans Communications S.A. (NYSE: SQNS, ‘Sequans’), a leader in 5G/4G cellular IoT chips and modules, [] announced that the two companies have entered into a memorandum of understanding (the ‘MoU’)” for Renesas to “commence a tender offer to acquire all outstanding ordinary shares, including American Depositary Shares (ADS) of Sequans . . .” (Press Release, Sequans Communications S.A., SC TO-T, Ex-99.1(a)(5)(B), Sept. 11, 2023, SEC Filing.) “Sequans is based in Paris, France with additional offices in the United States, United Kingdom, Israel, Hong Kong, Singapore, Finland, Taiwan, South Korea, and China.” (Id.) On September 11, 2023, “Renesas Electronics Corporation (TSE: 6723, ‘Renesas’) and Sequans Communications S.A. (NYSE: SQNS, ‘Sequans’) [] announced that Renesas has commenced the previously-announced tender offer to acquire all of the outstanding ordinary shares of Sequans for $0.7575 per ordinary share and American Depositary Shares (‘ADSs’) of Sequans for $3.03 per ADS (each ADS representing four ordinary shares) in cash, without interest and less any applicable withholding taxes.” (Press Release, Sequans Communications S.A., SC TO-T, Ex-99.1(a)(5)(A), Sept. 11, 2023, SEC Filing.) The tender offer was made by Renesas Electronics Europe GmbH, “a direct wholly owned subsidiary of Renesas Electronics Corporation . . .” (Sequans Communications S.A., SC 14D-9, Sept. 11, 2023, SEC Filing.) “Completion of the Offer is conditioned on the receipt of ‘CFIUS Approval’ . . .” (Id.) “Sequans and [Renesas Electronics Corporation] submitted a ‘declaration’ to CFIUS pursuant to 31 C.F.R. § 800.402 on August 25, 2023.” (Id.)
