Diode maker Pan Jit International Inc’s (強茂) board of directors approved a tender offer for up to 20 percent of the common shares of connector supplier Alltop Technology Co Ltd (凡甲科技), Pan Jit said on Friday last week. The company said it would offer NT$105 per share on the open market from tomorrow to Feb. 25, to expand its product portfolio and create business synergy.
The offer represented a premium of 11.1 percent compared with Alltop’s closing price of NT$94.5 in Taipei trading on Friday, when Pan Jit shares rose 1.18 percent to NT$51.6.
Pan Jit aims to acquire between 3.64 million and 14.58 million Alltop shares, or 5 to 20 percent of the firm’s issued shares, Pan Jit said.
Photo: Chen Rou-chen, Taipei Times
“Alltop’s development strategy aligns with our targeted business areas,” Pan Jit said in a statement. “We aim to build a strategic partnership with Alltop to create synergies between the two firms.”
Established in 1986, Pan Jit produces metal-oxide-semiconductor field-effect transistors (MOSFET), Schottky diodes, silicon carbide devices, diode rectifiers, protection devices, bipolar junction diodes, bipolar junction transistors and bridge rectifiers.
Pan Jit said it aims to integrate the two firms’ resources, expand their client bases, and provide clients with more full-range products and services through the deal.
The deal would create a win-win situation for the two sides, increase long-term investment profits, return on assets and return on equity for shareholders, Pan Jit said.
In the first three quarters of last year, Pan Jit reported a net profit of NT$680.98 million (US$23.99 million), or earnings per share of NT$2.05, compared with a net profit of NT$368.03 million in the same period of 2019.
For the whole of last year, revenue totaled NT$10.49 billion, up 14.67 percent year-on-year.
Alltop, which supplies connectors for electronic devices, and cables for servers, laptops, automobiles, and industrial and networking equipment, reported a net profit of NT$402.05 million in the first three quarters of last year, or earnings per share of NT$5.65.
Revenue for the whole of last year increased 8.17 percent year-on-year to NT$2.14 billion.
Alltop has yet to respond to Pan Jit’s bid.
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