Tech titan Intel Corp (INTC) - Get Report on Tuesday further extended its offer to buy out the outstanding shareholders of Mobileye NV (MBLY) after acquiring 84% of the Israeli tech company's shares, Reuters reports.
The two companies said on Tuesday that they had started a follow-up offering period which is slated to expire at 11:59 PM EDT on Aug. 21. This timeframe could be prolonged by five business days or more to boost the number of minority shareholders who take the offer.
Mobileye has informed the New York Stock Exchange that it would de-list its share, in an attempt to convince investor holdouts to tender their remaining shares.
The $15.3 billion acquisition, announced in March, aims to launch Intel into a top position among automotive suppliers, as Mobileye is the world's largest provider of systems used in automotive collision detection technologies.
Shares of both Intel and Mobileye were climbing higher in afternoon trading on Tuesday.
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