Key Developments For Chartered Semiconductor Manufacturing Ltd.
Chartered Semiconductor Manufacturing Ltd. (CHRT.O) (Nasdaq)
Chartered Semiconductor Manufacturing Announces Court Sanction Of Scheme Of Acquisition By ATIC International Investment Company LLC
Chartered Semiconductor Manufacturing announced that the Scheme for the proposed acquisition of the Company by ATIC International Investment Company LLC has been sanctioned by the High Court of the Republic of Singapore on November 19, 2009. The Scheme shall become effective and binding upon the lodgement of a copy of the order of the Court with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The Court Order will only be lodged with ACRA if all the conditions precedent to the effectiveness of the Scheme are satisfied.
Key Asic Berhad Acquires Remaining Shares In Gateway Silicon Inc. From Employees And Chartered Semiconductor Manufact. Ltd.
Key Asic Berhad announced that, reference to the announcement dated August 18, 2009, Key Asic Berhad inform that it had entered into 65 sale and purchase agreements on September 03, 2009 with 65 employees (collectively known as the employees) of Gateway Silicon Inc (GSI) and a sale and purchase agreement on September 23, 2009 with Chartered Semiconductor Manufact. Ltd. (Chartered) for the acquisition of 715,988 common shares of TWD10.00 each and 942,651 common shares of TWD10.00 each respectively. The total cash consideration for the purchase of 715,988 common shares of TWD10.00 each from the employees is TWD8,927,368 (approximately MYR957,906). The total cash consideration for the 942,651 common shares of TWD10.00 each from Chartered is TWD11,783,137.50 (approximately MYR1,264,331). Further to the aforementioned acquisition, GSI will be a wholly owned subsidiary of Chartered Semiconductor Manufact. Ltd.
Chartered Semiconductor Manufacturing Announces Preliminary IFA Opinion and Preliminary Independent Directors' Recommendation Regarding Proposed Acquisition By ATIC International Investment Company
Chartered Semiconductor Manufacturing announced the following in reference to the proposed acquisition of Chartered by ATIC International Investment Company (LLC): the Independent Directors appointed Deutsche Bank AG, Singapore Branch (IFA) as an independent financial adviser to advise them in respect of the Scheme. Based on the IFA`s review of the financial terms of the Scheme, as at September 11, 2009, the IFA is of the preliminary opinion that the Scheme Consideration is fair and reasonable from a financial point of view (Preliminary Opinion). In view of the foregoing, and having regard to the Preliminary Opinion and the Prevailing Conditions, the Independent Directors are of the view that the terms of the Acquisition to be fair and reasonable. Accordingly, the preliminary recommendation of the Independent Directors`, as at the date hereof, is that the Company Shareholders vote in favour of the Scheme at the Court Meeting. The final advice of the IFA and the final recommendations of the Independent Directors on the Scheme may be subject to change to reflect any material changes that may occur from the date of this announcement. Company Shareholders are advised to refrain from taking any action in relation to their Company Shares which may be prejudicial to their interests until they have considered the advice of the IFA to the Independent Directors in the IFA Letter and the final recommendations of the Independent Directors on the Scheme.
Advanced Technology Investment Company LLC Makes Bid To Acquire Chartered Semiconductor Manufacturing
Advanced Technology Investment Company LLC (ATIC) of Abu Dhabi and Chartered Semiconductor Manufacturing announced a definitive agreement whereby ATIC would acquire Chartered. The proposed acquisition will be effected by way of a scheme of arrangement under section 210 of the Companies Act of Singapore. The transaction is expected to close during the fourth quarter of 2009. Under this scheme of arrangement, each Chartered ordinary share will be acquired by ATIC for a cash consideration of SGD2.68 per share. The transaction represents an equity value of approximately SGD2.5 billion (USD1.8 billion) and a total value of approximately SGD5.6 billion (USD3.9 billion), including debt and convertible redeemable preference shares of approximately SGD3.1 billion (USD2.2 billion) as of June 30, 2009.The price represents a premium of 14.2% to its 30 trading-day volume weighted average price, 26.8% to its 90 trading-day volume weighted average price and 44.2% to its 6-month volume weighted average price on the SGX. The estimated amount of consideration for each American Depositary Share (ADSs) is USD18.641. The acquisition of Chartered will be made through ATIC International Investment Company LLC, a subsidiary of ATIC. Once the transaction is completed, ATIC will be the sole owner of Chartered. Temasek Holdings, which currently owns approximately 62% of Chartered`s shares, fully supports the acquisition and has signed an irrevocable undertaking to vote in support of the transaction.
Chartered Semiconductor Manufacturing Raises Q3 2009 Guidance
Chartered Semiconductor Manufacturing raised third quarter 2009 guidance for revenues to be in the range of $405-$415 million net income (loss) range of ($8) million to breakeven and basic earnings (loss) per ADS range of ($0.11)-($0.03). According to Reuters Estimates, analysts were expecting the Company to report revenues of $384 million, net loss of ($32) million and loss per share of $(0.71) for the third quarter of 2009. The Company cited incremental improvement in business, mainly coming from mature technologies as the primary reason for positive guidance.
