Fairchild Semi Receives Unsolicited, Higher Buyout Bid

Fairchild Semiconductor International Inc. said on Tuesday it has received an unsolicited buyout bid of $21.70 a share, from an undisclosed buyer. The bid, which represents an 11% premium to Monday's closing price of $19.53, is 8.5% above ON Semiconductor Corp.'s previously-agreed-on buyout bid of $20 a share in cash. Fairchild said in a statement that it will "carefully review and consider" the new proposal. Fairchild stock was still inactive in premarket trade, while ON Semi's stock fall 2.1% in light trade. Fairchild shares have climbed 16% year to date, while the S&P 500 has gained 0.9%.