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Regulatory Review of Renesas’ Acquisition of Altium Concludes
July 2, 2024 | RenesasEstimated reading time: 1 minute
Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, and Altium Limited, a global leader in electronics design systems received notification from the Committee on Foreign Investment in the United States (CFIUS) on July 1, 2024 (PDT) that the investigation of the companies’ proposed merger transaction by way of a scheme of arrangement is complete and that there are no unresolved national security concerns with respect to the transaction.
The approval by CFIUS was the last outstanding regulatory authorization required to complete the transaction. All regulatory approvals required for the Scheme in Australia, Germany, Turkey and the United States have been satisfied.
The Scheme remains subject to the satisfaction or (if capable) waiver of certain remaining conditions as set out in the Scheme Booklet, including the meeting of Altium shareholders (“Scheme Meeting”) which will be held at 9:00am on July 12, 2024 (AEST), at which Altium shareholders will vote on the proposed Scheme. If the Scheme is approved by the requisite majority of Altium shareholders, there will be the second court hearing at the Supreme Court of New South Wales (“Court”) on July 18, 2024 (AEST) to consider whether to approve the Scheme.
The implementation date of the Scheme is expected to be August 1, 2024 (JST/AEST), subject to customary closing conditions. An announcement will be made on August 1, 2024 (JST/AEST) when the acquisition is implemented.
All dates following the date of the Scheme Meeting are indicative only and, among other things, are subject to all necessary approvals from the Court.
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