TOKYO and MILPITAS, Calif., Feb.
22, 2017 /PRNewswire/ -- Renesas Electronics
Corporation ("Renesas", TSE: 6723), a premier supplier of advanced
semiconductor solutions, and Intersil Corporation (NASDAQ:ISIL), a
leading provider of innovative power management and precision
analog solutions, today announced that they received notification
by the Committee on Foreign Investment in the United States on February 21, 2017 PST; February 22, 2017 JST that the investigation of
the merger transaction under which Renesas will acquire Intersil is
complete and that there are no unresolved national security
concerns with respect to the transaction.
All necessary regulatory approvals for the acquisition have now
been received and the merger is expected to close on February 24, 2017 PST, subject to customary
closing deliveries. Intersil stockholders have previously voted to
adopt the merger agreement and approve the transaction at a special
meeting of stockholders held on December 8,
2016.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) delivers trusted
embedded design innovation with complete semiconductor solutions
that enable billions of connected, intelligent devices to enhance
the way people work and live—securely and safely. The number one
global supplier of microcontrollers, and a leader in Analog &
Power and SoC products, Renesas provides the expertise, quality,
and comprehensive solutions for a broad range of Automotive,
Industrial, Home Electronics (HE), Office Automation (OA) and
Information Communication Technology (ICT) applications to help
shape a limitless future. Learn more at renesas.com.
About Intersil
Intersil Corporation is a leading
provider of innovative power management and precision analog
solutions. The company's products form the building blocks of
increasingly intelligent, mobile and power hungry electronics,
enabling advances in power management to improve efficiency and
extend battery life. With a deep portfolio of intellectual property
and a rich history of design and process innovation, Intersil is
the trusted partner to leading companies in some of the world's
largest markets, including industrial and infrastructure, mobile
computing, automotive and aerospace. For more information about
Intersil, visit our website at www.intersil.com.
FORWARD-LOOKING STATEMENTS
Some of the statements included in this document constitute
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995, within the meaning of the federal
securities laws, including Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. You should not place undue reliance on these statements.
These forward-looking statements include statements that reflect
the current expectations, estimates, beliefs, assumptions, and
projections of our senior management about future events with
respect to our business and our industry in general. Statements
that include words such as "anticipates," "expects," "intends,"
"plans," "predicts," "believes," "seeks," "estimates," "may,"
"will," "should," "would," "potential," "continue," "goals,"
"targets," and variations of these words (or negatives of these
words) or similar expressions of a future or forward-looking nature
identify forward-looking statements. In addition, any statements
that refer to projections or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to many risks, uncertainties, and
assumptions that are difficult to predict. Therefore, there are or
will be important factors that could cause our actual results to
differ materially and adversely from those expressed in any
forward-looking statement. We believe that the factors that may
affect our business, future operating results, and financial
condition include, but are not limited to, the following:
uncertainties as to the timing of the consummation of the merger
transaction and the ability of each party to consummate the merger
transaction; risks that the merger transaction disrupts our current
plans and operations, including our ability to retain and hire key
personnel; competitive responses to the merger transaction;
unexpected costs, charges, or expenses resulting from the merger
transaction; the outcome of any legal proceedings that could be
instituted against us or our directors related to the merger
transaction; potential adverse reactions or changes to business
relationships resulting from the announcement or completion of the
merger transaction; any legislative, regulatory and economic
developments; any faltering or uncertainty in global economic
conditions; the highly cyclical nature of the semiconductor
industry; intense competition in the semiconductor industry;
unsuccessful product development or failure to obtain market
acceptance of our products; downturns in the end markets we serve;
failure to make or deliver products in a timely manner;
unavailability of raw materials, services, supplies, or
manufacturing capacity; delays in production or in implementing new
production techniques, product defects, or unreliability of
products; and adverse results in litigation matters. These risks,
as well as other risks associated with the merger, are more fully
discussed in the Annual Report on Form 10-K filed with the SEC on
February 17, 2017 and the other
documents that we have filed or may file from time-to-time with the
SEC. These forward-looking statements are made only as of the date
of this communication and Intersil undertakes no obligation to
update or revise these forward-looking statements.
(Remarks) Intersil and the Intersil logo are trademarks or
registered trademarks of Intersil Corporation. All other brands,
product names and marks are or may be trademarks or registered
trademarks used to identify products or services of their
respective owners.
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SOURCE Intersil Corporation; Renesas Electronics Corporation
