Photronics Announces Intent to Acquire Outstanding Shares of its Majority
Owned Taiwan Subsidiary, PSMC
BROOKFIELD, Conn. -- February 26, 2013
The Board of Photronics Semiconductor Mask Corporation (“PSMC”), a
majority-owned subsidiary of Photronics, Inc. (NASDAQ:PLAB), earlier today
approved the filing of an application for the voluntary delisting of its stock
from Taiwan's GreTai Securities Market (“GTSM”). After approval from the GTSM,
Photronics intends to launch a tender offer to acquire the remaining
outstanding shares of PSMC. Each of the delisting and the tender offer process
is subject to various regulatory approvals and is anticipated to be completed
over the next four to six months. The transaction is estimated to cost
Photronics in the aggregate up to approximately $25 to $30 million. Photronics
currently owns 75% of the outstanding shares of PSMC.
Photronics is a leading worldwide manufacturer of photomasks. Photomasks are
high precision quartz plates that contain microscopic images of electronic
circuits. A key element in the manufacture of semiconductors and flat panel
displays, photomasks are used to transfer circuit patterns onto semiconductor
wafers and flat panel substrates during the fabrication of integrated
circuits, a variety of flat panel displays and, to a lesser extent, other
types of electrical and optical components. They are produced in accordance
with product designs provided by customers at strategically located
manufacturing facilities in Asia, Europe, and North America. Additional
information on the Company can be accessed at www.photronics.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements made by or on behalf of Photronics, Inc. and
its subsidiaries (the Company). The forward-looking statements contained in
this press release and other parts of Photronics’ web site involve risks and
uncertainties that may affect the Company’s operations, markets, products,
services, prices, and other factors as discussed in filings with the United
States Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, economic, competitive, legal, governmental,
and technological factors. Accordingly, there is no assurance that the
Company’s expectations will be realized. The Company assumes no obligation to
provide revisions to any forward-looking statements.
Pete Broadbent, 203-775-9000
Vice President, Investor Relations & Marketing
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