Intel Corporation (NASDAQ:INTC) Commences Cash Tender Offer for Mobileye Shares

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Intel Corporation (NASDAQ:INTC) announced the commencement of the tender offer for all of the outstanding ordinary shares of Mobileye N.V.

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The company said that its subsidiary Cyclops Holdings is commencing the tender offer for all of the outstanding ordinary shares of Mobileye at a price of $63.54 per share, less any applicable withholding taxes and without interest, payable in cash to the holders.

The tender offer is being made pursuant to the purchase agreement, dated as of March 12, by and among Intel, Mobileye and Cyclops Holdings that was converted into Cyclops Holdings LLC, a Delaware limited liability company, on April 4.

The tender offer will expire at 5:00 p.m., New York City time, on June 21, 2017, unless extended or earlier terminated.

The tender offer is not subject to any financing condition. The completion of the tender offer is conditioned upon, among other things, satisfaction of a minimum tender condition and the receipt of regulatory approvals in various jurisdictions, Intel Corporation (NASDAQ:INTC) said.

D.F. King & Co. is acting as the information agent for the tender offer, while American Stock Transfer & Trust Company is serving as depositary for the tender offer.

Mobileye

Mobileye N.V. is engaged in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving.

Mobileye has developed software algorithms and EyeQ chips perform that details interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The company’s products has the ability to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook of localized drivable paths and visual landmarks using REM; and provide mapping for autonomous driving.

Shares of Intel Corporation (NASDAQ:INTC) closed down 0.17% on Wednesday. The stock is down 0.14% year-to-date. During the last 12 months, INTC has gained 11.62%.

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