GigaMedia Ltd (和信超媒體), one of Taiwan's largest Internet service providers, said its management increased an offer to buy the company to about US$65.2 million, from US$60.2 million in March.
The company's seven officers raised their bid to US$1.30 a share from US$1.20 for all of GigaMedia's stock, the company said in a statement over the weekend. The bid is based on 50.2 million shares outstanding as of Dec. 31.
Directors have until June 20 to decide whether they will continue discussions with the management buy-out group.
Taipei-based GigaMedia also operates Taiwan's two largest music-store chains, Rose Records (玫瑰唱片) and Tachung Records (大眾唱片).
Company spokesman Brad Miller, also the company's investor relations director, didn't immediately return a voicemail.
GigaMedia shares began trading on the NASDAQ National Market in February 2000.
It once traded as high as US$91 per share in March 2000. But following the burst of the Internet bubble worldwide, GigaMedia stocks began to drop in August, 2000, before it passed the critical US$1-level on Sept. 12, 2002.
Shares of GigaMedia rose US$0.08, or 7.8 percent, to US$1.11 in NASDAQ Stock Market trading. The stock has risen 63 percent this year.
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