SensoNor BOD Recommends Infineon Buyout

June 01, 2003 by Jeff Shepard

Infineon Technologies AG (Munich, Germany) reported another step forward in its plans to acquire SensoNor ASA, aiming to strengthen its position in semiconductor sensors for the automotive business. SensoNor's board of directors recommended that the shareholders accept the $56 million offer from Infineon to purchase all shares in the provider of tire pressure and acceleration sensors. The offer document from Infineon was sent to all shareholders on Wednesday. The offer period expires on June 10.

"The board of directors has emphasized that SensoNor operates in a technologically advanced market in which the competition is fierce," the company said in a statement. "Hence, the company will benefit from having a partner that can provide the company with access to complementary technology for the next generation of products."