ルネサスがシーカンスの発行済普通株式とADSの公開買付けを開始

ルネサス エレクトロニクス株式会社
Sequans Communications S.A.

ルネサス エレクトロニクス株式会社（本社：東京都江東区、代表取締役社長兼CEO：柴田　英利、以下ルネサス）とセルラーIoT向け4G/5GチップおよびモジュールのリーディングプロバイダであるSequans Communications S.A.（本社：フランス・パリ、CEO：Georges Karam、以下シーカンス）は、先日発表した公開買付けについて、本日付で開始した旨を発表しました。本公開買付けでは、シーカンスの発行済普通株式の全てを、普通株式1株当たり0.7575ドル、米国預託株式（以下ADS）1株当たり3.03米ドル（ADS 1株は普通株式4株に相当）で現金買収する予定であり、利息や源泉所得税は含まれていません。

本公開買付けは、2023年8月4日付でルネサスとシーカンスが締結し、その後修正した基本合意書に基づき行われます。シーカンスの取締役会は、ルネサスの公開買付けの提案がシーカンスの事業目標や目指す方向と合致し、シーカンス、その従業員および株主にとっての最善の利益をもたらすと判断しました。シーカンスの取締役会は、シーカンスの普通株式およびADSの保有者全てが、ルネサスの公開買付けに応じることを推奨し、シーカンスはその旨を2023年8月16日に発表しています。

本公開買付けは、延長または中止とならない限り、2023年10月6日午後11時59分（米国東部標準時間）から1分後に終了期限を迎えます。本公開買付けは、ルネサスが既に保有するシーカンス株式を含め、完全希薄化ベースでシーカンスの発行済株式総数の90％以上に相当する普通株式およびADSの応募を受けることが完了の前提です。さらに、税務上の取扱いに関する税務当局の確認、関係規制当局の承認およびその他の一般的なクロージングの前提条件を充足した後に本公開買付けを完了する見込みです。

ルネサス エレクトロニクスについて

ルネサスは、世界トップシェアのマイコンサプライヤとして、組み込みプロセッサを中心に、アナログ&パワー、コネクティビティなどの各種半導体を、自動車、産業、インフラ、IoT分野に提供しています。また、私たちの製品を最適に組み合わせたウィニング・コンビネーション・ソリューションを提案することにより、早期開発にも貢献しています。あらゆるモノとモノをつなぎ、エンドポイントのインテリジェント化を推進するなど、ルネサスは人々の暮らしを楽（ラク）にする技術で、持続可能な未来をつくることを目指してまいります。詳細は、www.renesas.comをご覧ください。SNSのフォローはこちらからLinkedIn, Facebook, Twitter, YouTube。

シーカンス・コミュニケーションズについて

シーカンス・コミュニケーションズは、大規模IoTやブロードバンドIoT向けに5Gおよび4Gのチップとモジュールを開発・提供する、セルラーIoT通信ソリューションのリーディングカンパニーです。5G/4Gの大規模IoTアプリケーション向けに、シーカンスはフラグシップ製品であるMonarch LTE-M/NB-IoTおよびCalliope Cat 1チッププラットフォームをベースにした包括的な製品ポートフォリオを提供しており、業界をリードする低消費電力、統合した多数の機能、グローバルな展開を特徴としています。5G/4GブロードバンドIoTアプリケーション向けに、シーカンスはCassiopeia Cat 4/Cat 6 4GとハイエンドのTaurus 5Gチッププラットフォームをベースにした製品ポートフォリオを提供しており、低コストの住宅、企業、産業用アプリケーション向けに最適化されています。2003年に設立されたシーカンスは、フランスのパリに拠点を置き、米国、英国、イスラエル、香港、シンガポール、フィンランド、台湾、韓国、中国の国と地域にもオフィスを置いています。シーカンスについてはwww.sequans.comをご覧ください。SNSのフォローはこちらから Facebook、Twitter、LinkedIn。

本件のアドバイザー

本件買収では、BofA Securitiesがルネサスのフィナンシャルアドバイザーを務めています。また、リーガルカウンセルはGoodwin Procter LLPが務めています。シーカンスに対しては、Needham & Companyがフィナンシャルアドバイザー、Orrick, Herrington & Sutcliffe LLPがリーガルカウンセルを担当しています。

Important Additional Information and Where to Find It

In connection with the proposed acquisition of Sequans Communications S.A. (“Sequans”) by Renesas Electronics Corporation, a Japanese corporation (“Parent” or “Renesas”), Parent commenced a tender offer for all of the outstanding ordinary shares, including American Depositary Shares of Sequans, on September 11, 2023. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities of Sequans. It is also not a substitute for the tender offer materials that Renesas Electronics Europe GmbH, a direct wholly owned subsidiary of Parent (“Purchaser”) filed with the Securities and Exchange Commission (the “SEC”) or the solicitation/recommendation statement that Sequans filed on Schedule 14D-9 with the SEC upon commencement of the tender offer. Purchaser filed tender offer materials on Schedule TO with the SEC, and Sequans filed a Solicitation/Recommendation Statement on Schedule 14D-9 and a Schedule 13E-3 transaction statement with respect to the tender offer with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), THE SOLICITATION/RECOMMENDATION STATEMENT AND TRANSACTION STATEMENT CONTAIN IMPORTANT INFORMATION THAT SHOULD BE READ CAREFULLY AND BE CONSIDERED BY SEQUANS’ SECURITYHOLDERS BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. Both the tender offer materials and the solicitation/recommendation statement and transaction statement will be made available to Sequans’ investors and security holders free of charge. A free copy of the tender offer materials and the solicitation/recommendation statement will also be made available to all of Sequans’ investors and security holders by contacting Sequans at [email protected], or by visiting Sequans’ website (www.sequans.com). In addition, the tender offer materials and the solicitation/recommendation statement (and all other documents filed by Sequans with the SEC) will be available at no charge on the SEC’s website (www.sec.gov) upon filing with the SEC. SEQUANS’ INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE TENDER OFFER MATERIALS, THE SOLICITATION/RECOMMENDATION STATEMENT AND THE TRANSACTION STATEMENT, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED BY PARENT OR SEQUANS WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER. THESE MATERIALS CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER, PARENT AND SEQUANS.

Cautionary note regarding forward-looking statements

This announcement may contain certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Renesas and/or Sequans and/or the combined group following completion of the transaction and certain plans and objectives of Renesas with respect thereto. These forward-looking statements include, but are not limited to, statements regarding the satisfaction of conditions to the completion of the proposed transaction and the expected completion of the proposed transaction, the timing and benefits thereof, as well as other statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as “anticipate,” “target,” ”continue,” “estimate,” “expect,” ‘‘forecast,” “intend,” “may,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “could,” “project,” “should,” “will” or other words of similar meaning. These statements are based on assumptions and assessments made by Renesas and/or Sequans (as applicable) in light of their experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, the potential failure to satisfy conditions to the completion of the proposed transaction due to the failure to receive a sufficient number of tendered shares in the tender offer; the failure to obtain necessary regulatory or other approvals; the outcome of legal proceedings that may be instituted against Sequans and/or others relating to the transaction; the possibility that competing offers will be made; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; significant or unexpected costs, charges or expenses resulting from the proposed transaction; and negative effects of this announcement or the consummation of the proposed acquisition on the market price of Sequans’ ADS and ordinary shares. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans’ filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2022, subsequent filings on Form 6-K and other documents that may be filed from time to time with the SEC, as well as, the Schedule TO and related tender offer documents filed by Parent and Purchaser and the Schedule 14D-9  and Schedule 13E-3 filed by Sequans. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Neither Renesas nor Sequans undertakes any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

No member of the Renesas group or the Sequans group nor any of their respective associates, directors, officers, employers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur.

Except as expressly provided in this announcement, no forward-looking or other statements have been reviewed by the auditors of the Renesas group or the Sequans group. All subsequent oral or written forward-looking statements attributable to any member of the Renesas group or the Sequans group, or any of their respective associates, directors, officers, employers or advisers, are expressly qualified in their entirety by the cautionary statement above.

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