September 16, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Intersil Corp (NASDAQ:ISIL), was announced concerning whether the takeover of Intersil. by Renesas Electronics Corporation for $22.50 per share is unfair to NASDAQ:ISIL stockholders.

The investigation by a law firm concerns whether certain officers and directors of Intersil Corp breached their fiduciary duties owed to NASDAQ:ISIL investors in connection with the proposed acquisition.

On September 12, 2016, Renesas Electronics Corporation and Intersil Corporation announced they have signed an agreement for Renesas Electronics Corporation to acquire Intersil for US$22.50 per share in cash, representing an aggregate equity value of approximately US$3.2 billion (approximately 321.9 billion yen at an exchange rate of 100 yen to the dollar).

However, the investigation concerns whether the offer is unfair to NASDAQ:ISIL stockholders. More specifically, the investigation concerns whether the Intersil Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Shares of Intersil Corp (NASDAQ:ISIL) closed on September 16, 2016, at $21.71 per share.