Approvals granted in proposed merger of ON Semiconductor, AMI Semiconductor

By Lisa Kerner

Charlotte, N.C., Jan. 31 - The Hart-Scott-Rodino waiting period has expired in the proposed merger of ON Semiconductor Corp. and AMIS Holdings, Inc., parent company of AMI Semiconductor.

The merger has also received clearance from the German Federal Cartel Office, according to a form 8-K filing with the Securities and Exchange Commission.

Completion of the merger is still subject to approval by both ON Semiconductor and AMIS shareholders.

The transaction is slated to close in the first half of 2008.

In December, ON Semiconductor agreed to acquire AMIS in an all-stock transaction with an estimated equity value of $915 million.

AMIS shareholders would receive 1.15 shares of ON Semiconductor common stock for each share of AMIS common stock they own, or roughly $10.14 per share, it was previously reported.

In connection with the proposed merger, ON Semiconductor's board increased its share repurchase authorization to 50 million shares from 30 million shares.

ON Semiconductor is a Phoenix-based designer, manufacturer and marketer of power and data management semiconductors and standard semiconductor components.

Based in Pocatello, Idaho, AMIS designs and manufactures mixed signal semiconductor products.

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