【Industry News】Chipmaker Renesas Announced Termination of the Proposed Acquisition of Sequans

February 23, 2024

On February 23, 2024,Japan's chipmaker Renesas Electronics announced the cancellation of its proposed acquisition of French semiconductor company Sequans Communications S.A.(“Sequans”) and the termination of the TOB (public stock offer) for Sequans.

Under the MOU, Renesas or Sequans can terminate it if Renesas is informed by the Tokyo Regional Taxation Bureau that implementing the reorganization outlined in the MOU would result in taxable gain and tax payment due to Japanese Tax Ruling, among other reasons.

On February 15, 2024, Renesas received an Adverse Japanese Tax Ruling, leading to its decision to exercised its right to terminate the MOU, and as a result of such termination, the tender offer has also been terminated.

Disclaimer: This article is provided for general information and reference purposes only. 

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