Photronics Announces Approval to Proceed With Tender Offer to Acquire
Outstanding Shares of its Majority Owned Taiwan Subsidiary, PSMC
BROOKFIELD, Conn. -- April 10, 2013
Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying innovative
imaging technology solutions for the global electronics industry, today
announced that Photronics Semiconductor Mask Corporation ("PSMC"), a
majority-owned subsidiary of Photronics, Inc., has obtained approval from the
Gretai Securities Market of PSMC’s application for the delisting of its stock.
Photronics Inc., the majority shareholder of PSMC, has promised to acquire
PSMC’s total shares currently outstanding at NTD16.30 per share from April 30,
2013 through June 18, 2013, via tender offer. 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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