Singapore Technologies completes offer for Stats ChipPAC

By Lisa Kerner

Charlotte, N.C., May 18 - Temasek Holdings (Pte.) Ltd.'s wholly owned subsidiary, Singapore Technologies Semiconductors Pte. Ltd, completed its offer for the remaining shares of Stats ChipPAC Ltd. as planned on May 18 at 5:30 a.m. ET.

The offer included shares represented by American Depositary Shares and Stats ChipPAC's outstanding US$115 million convertible notes due 2008 and US$150 million 2.5% convertible subordinated notes due 2008.

The offer price under the companies' March 1 agreement was S$1.75 in cash for each share and S$17.50 in cash for each ADS.

Singapore Technologies accepted 945,785,049 shares, including ADSs, or 46.4% of the outstanding shares, as well as US$134.5 million principal amount of 2.5% convertible subordinated notes due 2008. No acceptances were received for the convertible notes due 2008.

Upon final settlement of the offer, Singapore Technologies and its affiliates will hold a total of 83.1% of Stats ChipPAC's outstanding shares.

Temasek Holdings is an investment firm located in Singapore.

Singapore-based Stats ChipPAC provides semiconductor packaging design, assembly, testing and distribution solutions.

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