Court rejects ASE’s legal action against Siliconware

Focus Taiwan
Date: 2015/10/13
By: Jalen Chung and Frances Huang

Taipei, Oct. 13 (CNA) A court in Taichung rejected Tuesday a request by Advanced Semiconductor Engineering Inc. (ASE, 日月光), the world’s largest integrated circuit packaging and testing services provider, to bar a special general meeting planned by Siliconware Precision Industries Co. (矽品).

Since Oct 1, ASE has been the largest shareholder of Siliconware after completing an acquisition of a 25 percent stake in Siliconware through a tender offer.

ASE then filed an injunction with the district court in Taichung to block the meeting, which is scheduled for Oct. 15 and aims to secure approval from Siliconware’s shareholders for a stock swap deal with Hon Hai Precision Industry Co. (鴻海).

If the proposed stock swap deal goes through, Hon Hai will take a 21.24 percent stake in Siliconware, which would own a 2.2 percent stake in Hon Hai, and ASE’s stake in Siliconware would be diluted to about 19 percent, trailing Hon Hai.     [FULL  STORY]

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