ID :
79008
Tue, 09/08/2009 - 14:49
Auther :
Shortlink :
https://oananews.org//node/79008
The shortlink copeid
UAE's ATIC makes bid to acquire Singapore's Chartered Semiconductor Manufacturing
Abu Dhabi, Sept 8, 2009 (WAM)- Advanced Technology Investment Company LLC (ATIC) of Abu Dhabi and Chartered Semiconductor Manufacturing (Chartered) of Singapore today announced a definitive agreement whereby ATIC would acquire Chartered, one of the world's top dedicated semiconductor foundries, for US$1.8 billion (S$2.5 billion).
ATIC is offering S$2.68 for each Chartered ordinary share. The total value of the deal is about US$3.9 billion, including debt and convertible redeemable preference shares of approximately US$2.2 billion as of June 30, 2009.
Singapore's Temasek Holdings, which currently owns approximately 62% of Chartered's shares, also fully supports the acquisition and has signed an irrevocable undertaking to vote in support of the transaction, according to a joint statement. ATIC's proposed acquisition is subject to the approval of Chartered shareholders and the sanction of the High Court of Singapore. Completion of the transaction will be subject to customary conditions, such as regulatory and shareholder approvals. Details can be found in the joint scheme announcement that has been filed with the Singapore Exchange Securities Trading Limited (SGX), as well as in the scheme document to be sent to Chartered shareholders.
Chartered Semiconductor Manufacturing Ltd. is one of the world's top dedicated semiconductor foundries and offers leading-edge technologies down to 40/45 nanometre (nm), enabling today's system-on-chip designs.
This is the second major investment by ATIC, a technology investment company wholly owned by the government of Abu Dhabi, in the semiconductor industry following the creation of GLOBALFOUNDRIES, a U.S.-based joint venture with Advanced Micro Devices Inc. (AMD), in March this year.
The price represents a premium of 14.2% to its 30 trading-day volume weighted average price, 26.8% to its 90 trading-day volume weighted average price and 44.2 percent to its 6-month volume weighted average price on the SGX. The estimated amount of consideration for each American Depositary Share (“ADSs”) is US$18.64. The actual amount per ADS that ADS holders will receive will depend on the applicable prevailing exchange rate, less the amount of applicable ADS depositary's fees, taxes and expenses.
GLOBALFOUNDRIES, a U.S.-headquartered, leading-edge semiconductor manufacturing company and a joint venture with AMD. The acquisition of Chartered will be made through ATIC International Investment Company LLC, a subsidiary of ATIC. Once the transaction is completed, ATIC will be the sole owner of Chartered.
The transaction will allow ATIC to build on the complementary platforms of Chartered and GLOBALFOUNDRIES, with Chartered's customer relationships and capabilities in both 8-inch and 12-inch fabrication, and GLOBALFOUNDRIES' advanced technology expertise, capacity profile and global footprint.
ATIC is offering S$2.68 for each Chartered ordinary share. The total value of the deal is about US$3.9 billion, including debt and convertible redeemable preference shares of approximately US$2.2 billion as of June 30, 2009.
Singapore's Temasek Holdings, which currently owns approximately 62% of Chartered's shares, also fully supports the acquisition and has signed an irrevocable undertaking to vote in support of the transaction, according to a joint statement. ATIC's proposed acquisition is subject to the approval of Chartered shareholders and the sanction of the High Court of Singapore. Completion of the transaction will be subject to customary conditions, such as regulatory and shareholder approvals. Details can be found in the joint scheme announcement that has been filed with the Singapore Exchange Securities Trading Limited (SGX), as well as in the scheme document to be sent to Chartered shareholders.
Chartered Semiconductor Manufacturing Ltd. is one of the world's top dedicated semiconductor foundries and offers leading-edge technologies down to 40/45 nanometre (nm), enabling today's system-on-chip designs.
This is the second major investment by ATIC, a technology investment company wholly owned by the government of Abu Dhabi, in the semiconductor industry following the creation of GLOBALFOUNDRIES, a U.S.-based joint venture with Advanced Micro Devices Inc. (AMD), in March this year.
The price represents a premium of 14.2% to its 30 trading-day volume weighted average price, 26.8% to its 90 trading-day volume weighted average price and 44.2 percent to its 6-month volume weighted average price on the SGX. The estimated amount of consideration for each American Depositary Share (“ADSs”) is US$18.64. The actual amount per ADS that ADS holders will receive will depend on the applicable prevailing exchange rate, less the amount of applicable ADS depositary's fees, taxes and expenses.
GLOBALFOUNDRIES, a U.S.-headquartered, leading-edge semiconductor manufacturing company and a joint venture with AMD. The acquisition of Chartered will be made through ATIC International Investment Company LLC, a subsidiary of ATIC. Once the transaction is completed, ATIC will be the sole owner of Chartered.
The transaction will allow ATIC to build on the complementary platforms of Chartered and GLOBALFOUNDRIES, with Chartered's customer relationships and capabilities in both 8-inch and 12-inch fabrication, and GLOBALFOUNDRIES' advanced technology expertise, capacity profile and global footprint.
