FRANKFURT (Reuters) – Computer chip maker Intel Corp (INTC.O) has further extended its offer to buy out remaining shareholders of Mobileye NV (MBLY.N) after securing 84 percent of the acquisition target’s shares, the two companies said on Tuesday.
Intel and Mobileye said they had begun a follow-up offering period which is scheduled to expire at 11:59 PM New York time on Aug. 21, or 0359 GMT on Aug. 22. This could be extended by five business days or more to maximize the number of minority shareholders who accept the offer.
In an effort to persuade any investor holdouts to tender their remaining shares, Mobileye said it had submitted notice to the New York Stock Exchange of plans to delist its shares, which could occur as early as the end of the month.
Israel-based Mobileye is the world’s largest supplier of systems used in automotive collision detection systems and is working with Intel, car companies and auto parts suppliers to develop autonomous driving systems.
The $15.3 billion acquisition, announced in March, aims to propel Intel, the world’s largest computer chipmaker, into the top ranks of automotive suppliers.
It also promises to put Intel into direct competition with Qualcomm Inc (QCOM.O), the world’s top maker of smartphone chips, which is seeking to acquire NXP Semiconductors NV (NXPI.O), a top auto chips maker.
Reporting by Eric Auchard; Editing by David Holmes