Silitech Technology Corp (閎暉科技), a supplier of mechanical integrated components and keypad devices, yesterday announced a public tender offer for FDK Corp, a unit of Fujitsu Ltd, at ￥435 per share.
The offer price represents a 32 percent discount compared with FDK’s closing price of ￥640 yesterday on the Tokyo Stock Exchange.
The Taiwanese company plans to acquire 15.53 million common shares of FDK Corp, or 45 percent of FDK’s total outstanding shares, Silitech said in a Taiwan Stock Exchange filing.
Photo: Wang Yi-hung, Taipei Times
The tender offer starts today and runs until March 13, the company said, adding that the deal would cost NT$1.42 billion (US$43.21 million).
Established in 1950, FDK focuses primarily on the manufacture and sale of batteries, energy storage systems and electronic devices.
The company’s nickel–metal hydride batteries are top ranked in the global market due to their high durability, high rate of discharge, standardization and dry cell compatibility, while its lithium primary batteries are in the leading position in cylindrical battery products because of their stable discharge voltage, high flexibility for product design, wide temperature coverage and more than 20-year life, Silitech said.
Silitech provides customers with design and manufacturing services for applications such as automotive interior modules and panel appearance modules.
The deal with FDK would help Silitech expand into the energy and power products businesses, the Taiwanese company said.
“With the advancement of AI [artificial intelligence] technology, the demand for high-performance, long-lasting, and lightweight batteries will continue to grow. Additionally, market trends such as the need for mobility and convenience in electronic devices, the Internet of Things and smart cities will heavily rely on battery development,” Silitech said in the filing.
“FDK’s strong R&D [research and development] and innovation ability, combined with Silitech’s efficiency management, manufacturing expertise and cross-industry customer resources, are expected to significantly enhance performance and international competitiveness,” it said.
Silitech said it has signed a tender agreement with Fujitsu, which holds 20.3 million common shares of FDK, representing a stake of 58.82 percent.
Fujitsu has agreed to sell a portion of its stake in FDK for the tender offer, which would reduce its holding in FDK to 13.84 percent, Silitech said.
After the completion of the tender offer, FDK would remain listed on the Tokyo Stock Exchange, it said.
Silitech has operations in Taiwan, China and Malaysia. It reported that revenue last year rose 15.82 percent year-on-year to NT$2.41 billion. The company has yet to release its earnings result for last year, but earnings per share in the first three quarters of last year were NT$0.18, compared with NT$1.35 a year earlier.
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