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Technology / AI and automation

INTEL EXTENDS TENDER OFFER FOR CHIP & TECHNOLOGIES

Intel Corp has extended the expiration date for the $17.50 per share tender offer (CI No 3,213) by subsidiary Intel Enterprise Corp, for all outstanding shares of common stock of Chips and Technologies Inc, until 8pm, New York time, December 23. The extension comes as the result of the previously announced Federal Trade Commission request for additional information on the deal to satisfy Antitrust law. Intel also says that it and Chips and Technologies have agreed to amend their merger agreement to extend to January 31, 1998 the date after which either Intel or Chips and Technologies may unilaterally terminate the transaction if the tender offer has not been consummated. As of the close of business on Wednesday, roughly 14.11 million shares of C&T’s common stock – about 64% of shares outstanding – had been tendered in the tender offer.

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