Renesas and IDT Announce Final Regulatory Approval for Renesas Proposed Acquisition of IDT
Renesas Electronics Corporation and Integrated Device Technology, Inc. announced that they received notification by the Committee on Foreign Investment in the United States that the investigation of the companies’ proposed merger transaction is complete.
Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, and Integrated Device Technology, Inc., a leading supplier of analog mixed-signal products, including sensors, connectivity and wireless power, today announced that they received notification by the Committee on Foreign Investment in the United States (“CFIUS”) on March 22, 2019, PDT, March 23, 2019, JST, that the investigation of the companies’ proposed merger transaction is complete and that there are no unresolved national security concerns with respect to the transaction.
The approval by CFIUS was the last outstanding regulatory authorization required to complete the transaction. Antitrust clearance decisions have previously been obtained for the transaction from antitrust authorities in China, Germany, Hungary, South Korea, and the United States. IDT stockholders have previously voted to adopt the merger agreement and approve the transaction at a special meeting of stockholders held on January 15, 2019.
All necessary regulatory approvals for the acquisition have now been received and the transaction is expected to complete on March 29, 2019, PDT, March 30, 2019, JST, subject to customary closing conditions.
Participants in the Solicitation
IDT and its directors, executive officers, and certain employees and other persons may be deemed to be participants in the solicitation of proxies from IDT’s stockholders in connection with the proposed transaction. Security holders may obtain information regarding the names, affiliations, and interests of IDT’s directors and executive officers in IDT’s Annual Report on Form 10-K for the fiscal year ended April 1, 2018, which was filed with the SEC on May 18, 2018, and its definitive proxy statement for the 2018 annual meeting of stockholders, which was filed with the SEC on July 30, 2018. Additional information regarding the interests of such individuals in the proposed transaction will be included in the proxy statement relating to the proposed transaction when it is filed with the SEC. These documents (when available) may be obtained free of charge from the SEC’s website and IDT’s website.
Renesas is a global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation, and information communication technology applications that help shape a limitless future