Fairchild gets revised offer from China Resources Microelectronics

(Reuters) - Fairchild Semiconductor International Inc said on Tuesday it received a revised offer from the Party G Group, with new terms on termination fees in the event that the deal fails to win regulatory approvals.

Party G Group has been identified by a source familiar with the matter as China Resources Microelectronics, a unit of China Resources Holdings.

The price under the revised offer is unchanged from Party G's prior offer of Dec. 8, at $21.70 a share in cash.

Fairchild's board has accepted a $20 per share offer from ON Semiconductor Corp . (http://1.usa.gov/1MFRWJm)

Fairchild said Party G would now pay it a $200 million reverse breakup fee in case of failure to obtain the required regulatory approvals, $20 million more than ON Semiconductors' termination fee.

 

Additionally, Fairchild said failure to get clearance from Committee on Foreign Investment in the United States would trigger the payment of a $108 million reverse termination fee by Party G.

(Reporting by Kshitiz Goliya and Parikshit Mishra in Bengaluru, Liana Baker in New York; Editing by Leslie Adler)