Hynix shareholders to accept takeover bids in mid-September
SEOUL (Reuters) - Hynix Semiconductor Inc (000660.KS) shareholders will take final bids for a controlling stake in the world's No.2 computer memory chipmaker in mid-September, a leading shareholder said on Monday.
Korea Exchange Bank (KEB) 004940.KS said in a statement that STX Corp (011810.KS) and SK Telecom (017670.KS), which both submitted their initial interest in a combined 15 percent stake, began six weeks of due diligence from Monday.
It pledged the sale process would be "fair and transparent."
The $2.3 billion stake sale is the third attempt by creditors-turned-shareholders to find a new owner for the chipmaker.
Creditors saved Hynix from a debt crisis in 2001, but previous auctions drew little interest from investors reluctant to jump into the cyclical chip industry.
Shareholders this time are trying new methods including offering new shares in conjunction with their existing stake so proceeds can better flow into the chipmaker.
STX has said it plans to sell assets and team up with a Middle-East based sovereign wealth fund to fund the takeover, noting it would make a final decision after due diligence.
Shares in Hynix ended up 0.6 percent, outperforming the overall market's .KS11 0.96 percent fall.
(Reporting by Ju-min Park; Editing by Jonathan Hopfner)
- A top Federal Reserve official who is sometimes seen as a bellwether for U.S. monetary policy on Monday offered his voice to a growing contingent at the central bank that has argued for reducing the Fed's bond buying at a meeting next week.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.