U.S. chipmaker OmniVision gets buyout proposal from Chinese group

Thu Aug 14, 2014 9:20am EDT

Aug 14 (Reuters) - U.S. digital imaging chipmaker OmniVision Technologies Inc said it received a buyout proposal from a group of investors led by China's Hua Capital Management Ltd.

The proposed offer price of $29 per share in cash values OmniVision at $1.67 billion.

The proposed offer price represents a premium of 17.9 percent to OmniVision stock's Wednesday close.

The company said it was evaluating the proposal and that JP Morgan Securities was its financial adviser.

OmniVision's chips are used in smartphone and tablet cameras and compete with those made by Sony Corp and Himax Technologies Inc. (Reporting by Abhirup Roy in Bangalore; Editing by Kirti Pandey)