Temasek to tender for STATS ChipPAC's convertibles as part of cash offer

New York, Feb. 28 - Temasek Holdings (Pte.) Ltd. said it will offer to buy STATS ChipPAC Ltd.'s $115 million of convertible notes due 2008 and $150 million of 2.5% convertible notes due 2008 as part of its bid for the shares of the company it does not already own.

Temasek is will offer S$1.75 per share or S$17.50 per ADS for STATS ChipPAC. Those figures will increase to S$1.88 and S$18.80 if enough shares are tendered to take Temasek's ownership stake to 90%.

Temasek currently owns 35.6% of STATS ChipPAC.

Stats ChipPAC, which has headquarters in Singapore and Fremont, Calif., is a semiconductor assembly and testing services company.

Temasek is a Singapore-based investment firm.

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