TAKEOVER BID:The technology sector is facing its third merger and acquisition this year, as Ardentec buys Giga to hurry its entry into the Internet of Things market
Taipei Times
Date: Jul 25, 2016
By: Lisa Wang / Staff reporter
Ardentec Corp (欣銓), a semiconductor tester, said it plans to launch a tender offer to acquire as much as 75 percent of local peer Giga Solution Technology Co (全智科技) for NT$2.17 billion (US$67.66 million) in cash.
The transaction would pave the way for Ardentec’s second-phase efforts to fully acquire Giga Solution, the companies said in a joint statement on Friday.
Giga Solution is to become a 100 percent subsidiary of Ardentec and delist its shares from the local stock market following the completion of the deal, the statement said.
The acquisition, the latest in the nation’s merger-and-acquisition spree, aims to boost the company’s market share and to speed up its expansion into the fledgling Internet of Things (IoT) market, Ardentec said in the statement. [FULL STORY]