ON Semiconductor urges stockholders to reject mini-tender offer by TRC Capital

ON Semiconductor Corporation disclosed that it has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation, an Ontario corporation. onsemi is not affiliated or associated in any way with TRC Capital Investment, its mini-tender offer or its offer documentation. The offer is for the purchase of up to 1.5 million shares of onsemi’s common stock at a price of $70.75 per share, approximately 4.4% lower than the $74.04 closing share price of onsemi’s common stock on March 19, 2024, the trading day immediately prior to the date of the offer. The offer represents approximately 0.35% of the shares of onsemi’s common stock outstanding as of the March 20, 2024 offer date. onsemi urges investors to obtain current market quotations for their shares, to consult with their broker or financial advisor, and to exercise caution with respect to TRC Capital Investment’s offer. onsemi recommends that stockholders who have not responded to TRC Capital Investment’s offer take no action. Stockholders who have already tendered their shares may withdraw them at any time prior to the expiration of the offer, in accordance with TRC Capital Investment’s offer documentation. The offer is currently scheduled to expire at 12:01 a.m. EDT on April 19, 2024. TRC Capital Investment may extend the offering period at its discretion.