Temasek unit agrees to JCET's final cash offer for Stats ChipPac

Singapore Technologies Semiconductors, which has a controlling stake in Stats ChipPac (above), has accepted the final cash offer from China's JCET-SC to buy out the company.
Singapore Technologies Semiconductors, which has a controlling stake in Stats ChipPac (above), has accepted the final cash offer from China's JCET-SC to buy out the company. ST FILE PHOTO

SINGAPORE - Temasek Holding's wholly owned unit, Singapore Technologies Semiconductors Pte Ltd (STSPL), which has a controlling stake in Stats ChipPac, has accepted the final cash offer from China's JCET-SC to buy out the company.

JCET-SC (Singapore) is offering 46.577 cents per share, or $1.03 billion, as its final price.

Jiangsu Changjiang Electronics Technology Co (JCET), a listed semiconductor packaging and testing private enterprise, had first made the offer to buy all the outstanding shares of Stats ChipPAC at 45.2 cents each in November last year.

Mainboard-listed Stats ChipPac last traded at 51 cents.

As part of the offer agreement, Stats ChipPac on Friday announced a proposed offering of perpetual securities by way of a non-renounceable rights issue to raise gross proceeds of US$200 million.

The perpetual securities will be offered to shareholders on the basis of one perpetual security for every 11,011 shares held by shareholders as at the books' closure date.

STSPL has, subject to certain conditions, undertaken to subscribe for both its pro rata share of the perpetual securities and all other perpetual securities not subscribed by the other shareholders, up to an aggregate maximum amount of US$200 million. As at Friday, STSPL holds about 83.8 per cent of all the issued shares.