Contract electronics maker Qisda Corp (佳世達) is extending its tender offer for Sysage Technology Co (聚碩) by 50 days through March 18 as it awaits approval from the Fair Trade Commission (FTC) to proceed with the acquisition.
According to a filing Qisda submitted to the Taiwan Stock Exchange yesterday, the company has not received a decision from the FTC.
“As we are coming upon the end of the original purchase period [Wednesday next week], Qisda by law can make a declaration to the Financial Supervisory Commission and extend the purchase period,” the firm said in the filing.
Qisda, which already owns 35 percent of Sysage Technology, on Dec. 9 last year announced that it would purchase up to 38 million additional shares, or a 20 percent stake, at NT$45 per share.
That would cost Qisda NT$1.7 billion (US$59.9 million).
It would only need to purchase another 9.4 million shares, boosting its Sysage Technology stake to 60 percent, for the acquisition to take place, pending FTC approval.
Apart from extending the purchase period, the other terms of the public purchase remain the same, Qisda said.
Shares of Sysage Technology rose 0.45 percent to NT$44.2 yesterday, while Qisda’s share price jumped 2.82 percent to NT$27.3.
The company last month told Chinese-language online news provider cnyes.com that the acquisition of Sysage Technology would add software capabilities to Qisda’s existing strength with hardware, allowing it to become a “total solutions provider” and increase investment efficiency.
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