Deals
ASE Proposes Full Purchase of SPIL, Trumping Tsinghua Deal
- Offer is for NT$55 a share, same as Tsinghua's deal last week
- ASE proposal requires termination of Tsinghua investment
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Advanced Semiconductor Engineering Inc. made an unsolicited offer to buy out rival Taiwanese chip packager Siliconware Precision Industries Co., a $3.9 billion bid that trumps a deal last week by China’s Tsinghua Unigroup to take a minority stake. Shares of both companies surged.
ASE offered NT$55 per share in cash for each of the outstanding shares in SPIL that it doesn’t already own, a 21 percent premium to the latest close, the world’s largest semiconductor testing and packaging provider said in a statement Monday. SPIL said Friday it agreed to sell 1.03 billion new shares to Tsinghua at that same price, a dilution of approximately 33 percent to the current shares outstanding.