United Microelectronics cuts exchange price of Novatek exchangeables

By Marisa Wong

Madison, Wis., June 29 - United Microelectronics Corp. said that it will adjust the exchange price of its $80 million zero-coupon bonds due 2014 exchangeable for common shares of Novatek Microelectronics Corp., Ltd.

The exchange price will be lowered to NT$91.1045 from NT$96.1487, effective July 18.

The price adjustment is due to a cash dividend announced on June 26.

Based in Taipei, Taiwan, United Microelectronics makes process integrated circuits for the semiconductor industry. Novatek is a fabless chip design company based in Hsinchu Science Park, Taiwan.

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