MILPITAS, Calif., Dec. 8, 2016 /PRNewswire/ -- Intersil Corporation
(NASDAQ:ISIL), a leading provider of innovative power management
and precision analog solutions, today announced that Intersil
stockholders approved the merger agreement with Renesas Electronics
Corporation (TSE: 6723).
The merger remains subject to the satisfaction of certain other
conditions, including antitrust approval by the China government and approval by the Committee
on Foreign Investment (CFIUS) in the
United States. The transaction is expected to close during
the first half of 2017.
About Intersil
Intersil Corporation is a leading
provider of innovative power management and precision analog
solutions. The company's products form the building blocks of
increasingly intelligent, mobile and power hungry electronics,
enabling advances in power management to improve efficiency and
extend battery life. With a deep portfolio of intellectual property
and a rich history of design and process innovation, Intersil is
the trusted partner to leading companies in some of the world's
largest markets, including industrial and infrastructure, mobile
computing, automotive and aerospace. For more information about
Intersil, visit our website at www.intersil.com.
FORWARD-LOOKING STATEMENTS
Some of the statements included in this press release constitute
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995, within the meaning of the federal
securities laws, including Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. You should not place undue reliance on these statements.
These forward-looking statements include statements that reflect
the current expectations, estimates, beliefs, assumptions, and
projections of our senior management about future events with
respect to our business and our industry in general.
Statements that include words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "potential," "continue," "goals,"
"targets," and variations of these words (or negatives of these
words) or similar expressions of a future or forward-looking nature
identify forward-looking statements. In addition, any statements
that refer to projections or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to many risks, uncertainties, and
assumptions that are difficult to predict. Therefore, there are or
will be important factors that could cause our actual results to
differ materially and adversely from those expressed in any
forward-looking statement. We believe that the factors that may
affect our business, future operating results, and financial
condition include, but are not limited to, the following: the
inability to complete the merger due to the failure to satisfy
conditions to completion of the merger, including the receipt of
all regulatory approvals related to the merger; uncertainties as to
the timing of the consummation of the merger and the ability of
each party to consummate the merger; risks that the proposed merger
disrupts our current plans and operations, including our ability to
retain and hire key personnel; competitive responses to the
proposed merger; unexpected costs, charges, or expenses resulting
from the merger; the outcome of any legal proceedings that have
been or could be instituted against us or our directors related to
the merger agreement; potential adverse reactions or changes to
business relationships resulting from the announcement or
completion of the merger; and legislative, regulatory and economic
developments; any faltering or uncertainty in global economic
conditions; the highly cyclical nature of the semiconductor
industry; intense competition in the semiconductor industry;
unsuccessful product development or failure to obtain market
acceptance of our products; downturns in the end markets we serve;
failure to make or deliver products in a timely manner;
unavailability of raw materials, services, supplies, or
manufacturing capacity; delays in production or in implementing new
production techniques, product defects, or unreliability of
products; and adverse results in litigation matters. These risks,
as well as other risks associated with the proposed merger, are
more fully discussed in the definitive proxy statement that is
included in the Schedule 14A filed with the Securities and Exchange
Commission ("SEC") in connection with the proposed merger on
October 31, 2016, as supplemented on
November 18, 2016, and the other
documents that we have filed or may filed from time-to-time with
the SEC. These forward-looking statements are made only as of
the date of this communication and Intersil undertakes no
obligation to update or revise these forward-looking
statements.
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SOURCE Intersil Corporation
