Temasek subsidiary to make cash offer for STATS ChipPAC Ltd.

By Lisa Kerner

Charlotte, N.C., March 1 - Temasek Holdings (Pte) Ltd.'s wholly owned subsidiary Singapore Technologies Semiconductors Pte Ltd said it plans a voluntary conditional cash offer for the remaining shares (including American Depositary Shares) in STATS ChipPAC Ltd.

The offer price is S$1.75 for each share and S$17.50, or about US$11.45, for each ADS in cash.

However, if shares tendered into the offer result in STS owning at least 90% of outstanding shares in STATS ChipPAC, STS plans to offer a purchase price of S$1.88 per share or S$18.80, or about US$12.30, per ADS.

In addition, Singapore Technologies has a conditional offer for STATS ChipPAC's outstanding US$115.0 million convertible notes due 2008 and US$150.0 million 2.50% convertible notes due 2008, according to a company news release.

Temasek Holdings is an Asia investment firm located in Singapore.

Singapore-based STATS ChipPAC provides semiconductor packaging design, assembly, testing and distribution solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.