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Intel completes tender offer for Mobileye acquisition

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Intel completes tender offer for Mobileye acquisition

Intel Corp. completed its tender offer for ordinary shares of Mobileye NV, acquiring about 84% of the Israel-based autonomous driving technology maker's outstanding shares, the company said Aug. 8.

A total of 187,882,291 Mobileye ordinary shares were validly tendered and not withdrawn by the tender offer's Aug. 7 initial offering period. The company on Aug. 8 commenced a subsequent offering allowing minority Mobileye shareholders until 11:59 p.m. ET on Aug. 21 to tender shares for payments.

Intel in March agreed to acquire Mobileye for $63.54 per share in cash, representing an equity value of approximately $15.3 billion, the companies said at the time.

Following the acquisition, Mobileye will retain its Israeli headquarters. Amnon Shashua will serve as an Intel senior vice president and Mobileye's CEO and chief technology officer. Mobileye co-founder, President and CEO Ziv Aviram retired from the company, effective immediately.

Intel plans to use Mobileye's computer vision technology to complement its computing and connectivity expertise to create automated driving solutions. The company will combine the operations of its Automated Driving Group with Mobileye.