SFIPC to sue Bai Chi for US$92m

Taipei Times
Date: Oct 04, 2016
By: Ted Chen / Staff reporter

The Securities and Futures Investors Protection Center (SFIPC) is seeking NT$2.87 billion (US$91.6 million) in compensation on behalf of investors affected by Bai Chi Gan Tou Digital Entertainment Co’s (百尺竿頭) failed acquisition of XPEC Entertainment Inc (樂陞科技).

The center said yesterday it has accepted 19,503 out of 19,862 applications from XPEC shareholders who had participated in the tender offer since it began receiving appeals on Sept. 8.

The reparation amount is based on the wild swing in XPEC’s share price, which tumbled to NT$45.75 on Sept. 8, when XPEC shares were released back to participating shareholders after the acquisition deal collapsed.

Bai Chi Gan Tou had originally offered to purchase 38 million XPEC shares at NT$128 to acquire a 25.17 percent stake in the Taiwanese video game developer.     [FULL  STORY]

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