Yageo Corp (國巨), the world’s third-largest supplier of multilayer ceramic capacitors, yesterday said it has solicited shareholders of Anpec Electronics Corp (茂達) to tender 4.16 million shares, surpassing the regulatory threshold before the expiration date today.
The company on Sept. 11 said it planned to acquire 3.73 million Anpec shares — or a 5 percent stake in the power semiconductor maker — through a public tender offer from Sept. 12 to today. At the time, it set a maximum purchase target of 21.28 million shares, or 28.5 percent of Anpec’s equity.
Anpec produces power semiconductors and driver integrated circuits for fan motors, which are widely used in notebook computers, DDR memory, TVs, displays and automotive electronics, Yageo said.
Photo: Lee Wen-yee, Reuters
Yageo offered NT$229.8 per share, a 20 percent premium to Anpec’s closing price of NT$191.5 on Sept. 11, valuing the deal at NT$4.89 billion (US$160.5 million).
However, Anpec last week said that the offer undervalued the company, citing an accounting firm’s assessment that placed its value between NT$244.5 and NT$256.64 per share.
Anpec considered Yageo’s bid as a hostile takeover, as no negotiation was arranged in advance, it added.
Yageo said the bid was aimed at long-term financial investment, with the expectation of stable returns, adding that potential collaboration with Anpec could further enhance its long-term competitiveness
Anpec reported earnings per share of NT$5.3 in the first half of this year, compared with NT$4.81 a year ago.
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