Temasek subsidiary begins cash offer of Stats ChipPAC

By Lisa Kerner

Charlotte, N.C., March 16 - Temasek Holdings (Pte.) Ltd's wholly owned subsidiary, Singapore Technologies Semiconductors Pte. Ltd. (STS) began its voluntary conditional cash offer for the remaining shares in Stats ChipPAC Ltd.

The offer, including shares represented by American Depositary Shares, expires on April 13.

Under the agreement announced on March 1, the offer price is S$1.75 for each share and S$17.50 for each ADS in cash.

However, if shares tendered into the offer result in STS owning at least 90% of outstanding shares in Stats ChipPAC, STS plans to offer a purchase price of S$1.88 per share or S$18.80 per ADS.

In addition, Singapore Technologies has a conditional offer for Stats ChipPAC's outstanding US$115 million convertible notes due 2008 and US$150 million 2.5% convertible notes due 2008, according to a company news release.

Temasek Holdings is an Asia investment firm located in Singapore.

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

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