February 08, 2021 | Technology | Europe | Ended

Dialog Semiconductor / Renesas Electronics: New Deal Insights

Semiconductor consolidation continues unabated in 2021 with the 8-Feb-21 announcement of a definitive offer by Japanese chip manufacturer, Renesas Electronics, for Anglo-German semiconductor company, Dialog Semiconductor. The agreed offer price is €67.50 per share, a headline premium of 20.3% and 28.9% higher than Dialog’s undisturbed share price on 4-Feb-21, the day before rumours of a tie-up hit the headlines. The transaction is structured as a UK scheme of arrangement and, accordingly, requires 75% approval by Dialog’s shareholders at a Court Meeting and EGM; approval by Renesas shareholders is not required ... Deal risks assessed in this research report: • Delays due to antitrust or national security reviews • Antitrust risks from China's SAMR • National security risks from the UK

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