Fairchild Semiconductor: Bidder revises $21.70 offer

Fairchild Semiconductor said Tuesday it has received a revised version of an unsolicited offer to buy all of its outstanding common stock for $21.70 per share.

An unidentified bidder modified a Dec. 8 offer to add protection from making divestitures while receiving regulatory approval. The deal would end and trigger a breakup fee payment to Fairchild if unconditional regulatory approval is not gained.

Fairchild said it will "carefully review and consider" the proposal.

Fairchild Semiconductor in South Portland, Maine
Gabe Souza | Portland Press Herald | Getty Images
Fairchild Semiconductor in South Portland, Maine

Last month, ON Semiconductor agreed to buy Fairchild for $20 a share in cash. Fairchild said it remains subject to the previous agreement.

The initial deal marked the latest in a wave of moves in the semiconductor industry. Among other offers, Intel agreed to buy Altera for $16.7 billion, while Avago Technologies said it would buy Broadcom for $37 billion.

Fairchild shares rose more than 4 percent in extended trading.