CORPORATE COOPERATION:ASE’s moves for SPIL shares ownership is not about business competition, but about fending off Chinese rivals,a spokesperson said
Date: , Aug 22, 2015
By: Lisa Wang / Staff reporter
Advanced Semiconductor Engineering Inc (ASE, 日月光半導體), the world’s biggest chip packager and tester, yesterday said it plans to acquire a 25 percent share of its main local rival, Siliconware Precision Industries Co Ltd (SPIL, 矽品精密), for up to NT$35 billion (US$1.06 billion) in an effort to fend off growing competition from China.
The hostile takeover bid came as a bombshell to SPIL’s board, as it was not approached for a deal and the companies have been in a long-term race for industry leadership.
ASE said it plans to buy the maximum 779 million SPIL shares, combining common shares and SPIL’s American depositary receipts, at NT$45 per share, in cash. [FULL STORY]