31 Aug '15, 6am

SPIL, Foxconn to form strategic partnership to fend off ASE acquisition bid #DIGITIMES

SPIL, Foxconn to form strategic partnership to fend off ASE acquisition bid Julian Ho, Taipei; Steve Shen, DIGITIMES [Monday 31 August 2015] Siliconware Precision Industries (SPIL) has announced that it has reached an agreement with Foxconn Electronics to form a strategic partnership through share swaps. One Foxconn share will be exchanged for 2.34 SPIL shares in a deal that will make Foxconn the largest shareholder of SPIL. After the exchange of shares and capital increase, Foxconn will hold 840.6 million SPIL shares, accounting for a 21.24% stake in SPIL. SPIL will then hold 359.23 million Foxconn shares, or a 2.2% stake. The deal was aimed at fending off a tender offer bid from rival Advanced Semiconductor Engineering (ASE), analysts said. ASE announced recently that it plans to buy up a 25% stake in SPIL. SPIL and Foxconn also said they will cooperate to develop advanc...

Full article: http://www.digitimes.com/news/a20150831PD203.html

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