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Advanced Semiconductor receives exemption in proposed acquisition of its subsidiary
By Lisa Kerner
Charlotte, N.C., Oct. 31 - The Securities Industry Council of Singapore granted an exemption in the proposed acquisition of ASE Test Ltd. by Advanced Semiconductor Engineering, Inc.
ASE Test is a majority-owned subsidiary of Advanced Semiconductor, according to a company news release.
The acquisition is being completed through a scheme of arrangement under Singapore law.
Under the exemption, ASE Test shareholders must abstain from voting on the proposed merger and directors of ASE Test who are also directors of Advanced Semiconductor may not make recommendations on the scheme. In addition, ASE Test must appoint an independent financial adviser to advise its shareholders on the proposed scheme, which is slated to close during the first quarter of 2008.
On Sept. 5, Advanced Semiconductor announced it would acquire the ordinary shares and Taiwan Depositary Shares of ASE Test in a deal to take the company private.
It was previously reported that the all-cash acquisition consideration would consist of $14.78 for each ASE Test ordinary share listed on Nasdaq and the New Taiwan dollar equivalent of $0.185 for each ASE Test TDS. The total value of the transaction is some $784 million.
Kaohsiung, Taiwan-based Advanced Semiconductor and ASE Test are independent providers of integrated circuit packaging and testing services.
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