A Renesas Electronics Corp. central processing unit (CPU) board and microcontrollers.
Kiyoshi Ota | Bloomberg | Getty Images
Renesas Electronics Corp and Dialog Semiconductor said on Monday that they agreed that the Japanese chipmaker would buy the Frankfurt-listed chip designer for 4.9 billion euros ($ 5.90 billion) in cash.
Renesas, one of the world’s largest auto chip manufacturers, has offered € 67.50 per share to the Apple Inc supplier, representing a 20% premium over Friday’s closing price and a 52% premium over the weighted average over three months.
Dialog said in a statement that the agreed deal represented an “attractive opportunity” for its shareholders. The board of directors would unanimously recommend the offer.
Dialog shares were 21% higher in Frankfurt early trading at EUR 68, a slight premium to the price of the agreed deal.