Temasek Holdings Ltd (Temasek), wholly owned subsidiary of Singapore Technologies Semiconductors Pte Ltd (STS), announced that it has offered a voluntary conditional cash offer for the remaining shares that STS does not already own. STS currently has an approximate 35.6% stake in STATS ChipPAC.
The company says, the offer price is S$1.75 for each share and S$17.50 (1) for each ADS in cash. The offer price of S$1.75 in cash for each share represents a 18.2% premium over the closing price of STATS ChipPAC’s shares on the Singapore Exchange Securities Trading Limited (SGX-ST) as on 28 February 2007. The offer will be conditioned upon, STS receiving acceptances of such number of shares which, together with all other shares owned, acquired or agreed to be acquired by STS, would represent more than 50 per cent of the total outstanding shares of STATS ChipPAC following the close of the offer. The offer will also include an offer by STS for STATS ChipPAC's outstanding US$115,000,000 Convertible Notes due 2008 and US$150,000,000 2.50% Convertible Notes due 2008.
