Mar 25, 2019   SOURCE: BusinessWire

Notice Regarding Issuance of Stock Acquisition Rights as Stock Options

Renesas Electronics Corporation (“Renesas”, TSE: 6723), a premier supplier of advanced semiconductor solutions, announced in the press release entitled “Regarding Acquisition of Stock of Integrated Device Technology, Inc.” issued on September 11, 2018, to reach an agreement with Integrated Device Technology, Inc. (“IDT”, NASDAQ: IDTI), a U.S.-based analog semiconductor supplier, whereby IDT will become a wholly-owned subsidiary of Renesas (the “acquisition”). Subject to the completion of the acquisition, Renesas today announced that it has resolved at the Board of Directors held today, certain subscription items for stock acquisition rights to be issued as stock options for a corporate officer of Renesas and directors (excluding outside directors), corporate officers and employees of IDT and its subsidiaries. Renesas has also determined items regarding taking applications or persons who will receive these stock options. The terms and conditions are outlined below. As announced in the press release entitled “Renesas and IDT Announce Final Regulatory Approval for Renesas’ Proposed Acquisition of IDT” issued on March 23, 2019, the acquisition has been approved by the IDT’s shareholder meeting on January 15, 2019 PST and Renesas has received notification from the Committee on Foreign Investment in the United States (“CFIUS”) on March 22, 2019 PDT, March 23, 2019 JST, that the investigation of the companies’ proposed merger transaction is complete. The acquisition is now expected to close on March 29, 2019 PDT, March 30 JST, subject to customary closing conditions.

[Outline of Resolutions]

  1. Renesas will accept applications for directors (excluding outside directors), corporate officers and employees of IDT located outside Japan (all of them are scheduled to retire before the allotment date of the stock options), who will receive the "Renesas Electronics Corporation Stock Options for FY2019 (Series No.1)," and will grant those stock options on April 9, 2019 (Japan Standard Time).
  2. Renesas will accept applications for employees of IDT’s subsidiaries located in Japan, who will receive the "Renesas Electronics Corporation Stock Options for FY2019 (Series No.2)," and will grant those stock options on April 9, 2019 (Japan Standard Time).
  3. Renesas will accept applications for a corporate officer of Renesas and directors (excluding outside directors), corporate officers and employees of IDT and its subsidiaries located outside Japan, who will receive the "Renesas Electronics Corporation Stock Options for FY2019 (Series No.3)," and will grant those stock options on April 9, 2019 (Japan Standard Time).

For further details, please see here.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation, and information communication technology applications that help shape a limitless future. Learn more at renesas.com.

(Remarks) All other names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.