(Bloomberg) — Renesas Electronics Corp. said it will buy back as much as 200 billion yen ($1.6 billion) of its own shares as government-backed Innovation Network Corp. of Japan sells some of its stake.
The chipmaker said it will pay 1,190 yen a share in a tender offer, compared with 1,333 yen at the close in Tokyo Wednesday. INCJ, which holds just over 20% of the company’s shares, will tender 168.1 million shares as it reduces its stake.
Renesas is one of the largest providers of semiconductors used by automakers and has been at the center of a crunch in chip supply during the Covid-19 pandemic. It suffered a fire at a facility in Naka, north of Tokyo, last year that undercut its production.
Its shares have dropped just more than 6% so far this year.
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