STMicroelectronics begins subsequent tender offer for shares of Genesis Microchip

By Lisa Kerner

Charlotte, N.C., Jan. 17 - STMicroelectronics NV said 34.6 million, or 91%, of Genesis Microchip Inc.'s outstanding shares were tendered in the offer ended Jan. 16.

Sophia Acquisition Corp., an STMicroelectronics subsidiary, accepted for payment the 34.6 million shares tendered, according to a company news release.

STMicroelectronics began a subsequent offering period on Jan. 17 to acquire additional Genesis shares at the same $8.65-per-share price paid during the initial offering period.

The subsequent offering period ends at 5 p.m. ET on Jan. 23.

STMicroelectronics expects to complete the second-step merger "as soon as practicable" once the subsequent offering period expires.

As previously reported, STMicroelectronics agreed to acquire Genesis via a cash tender offer in a deal valued at about $336 million.

Geneva-based STMicroelectronics develops semiconductor solutions for microelectronics applications.

Genesis Microchip, based in Santa Clara, Calif., provides image and video processing systems for flat-panel TVs as well as consumer and PC-display products.

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