Robbins Arroyo LLP: Acquisition of Intersil Corporation (ISIL) by Renesas Electronics Corporation (Tokyo 6273) May Not Be in Shareholders’ Best Interests
Robbins Arroyo LLP is investigating the proposed acquisition of Intersil Corporation (NASDAQ: ISIL) by Renesas Electronics Corporation (TSE: 6273). On September 12, 2016, the two companies announced the signing of a definitive merger agreement pursuant to which Renesas will acquire Intersil. Under the terms of the agreement, Intersil shareholders will receive $22.50 for each share of Intersil common stock.
Is the Proposed Acquisition Best for Intersil and Its Shareholders?
Robbins Arroyo LLP’s investigation focuses on whether the board of directors at Intersil is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
Notably, the $22.50 merger consideration represents a premium of only 13.90% based on Intersil’s closing price on September 12, 2016. This premium is significantly below the average one-day premium of nearly 21.05% for comparable transactions within the past three years.
Intersil shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information.
Intersil shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.