Wednesday, November 04, 2009

Chartered Semiconductor's shareholders approve ATIC deal

SINGAPORE --(Channelnewsasia)-- Shareholders of Chartered Semiconductor Manufacturing have voted in favour of Advanced Technology Investment Company or ATIC's offer to acquire the chipmaker.

A total of 82.56 per cent of the shareholders present at an extraordinary general meeting in Singapore on Wednesday approved the proposal. This represents about 99.83 per cent of the shares held by shareholders.

The acquisition still requires customary approvals.

Under the deal, ATIC offered Chartered shareholders S$2.68 for each Chartered share. The transaction represents an equity value of about S$2.5 billion and a total value of around S$5.6 billion, including debt and convertible redeemable preference shares.

ATIC is a technology investment company wholly owned by the government of Abu Dhabi. This is its second major investment in the semiconductor industry following the setup of Globalfoundries in March.

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