Chartered Semiconductor, ATIC merger approved by Singapore high court

By Lisa Kerner

Charlotte, N.C., Nov. 19 - Chartered Semiconductor Manufacturing Ltd.'s acquisition by Advanced Technology Investment Co. LLC was sanctioned by the High Court of the Republic of Singapore, it was announced on Thursday.

According to Chartered, antitrust clearances have been received in Austria, South Korea, China and Germany.

The antitrust scheme condition related to the European Union also has been satisfied, a Chartered news release said.

Chartered shareholders approved the acquisition on Nov. 4.

As previously reported, Chartered agreed in September to be acquired by ATIC for S$2.68 per share in a scheme of arrangement under Singapore law.

Each of Chartered's American Depositary Shares will be exchanged for an estimated $18.641.

The transaction is valued at $3.9 billion including debt.

ATIC, a technology investment company owned by the government of Abu Dhabi, created GlobalFoundries Inc., a Sunnyvale, Calif., semiconductor manufacturer, in March 2009 in a joint venture with Advanced Micro Devices Inc. Chartered will be combined with GlobalFoundries.

Chartered is a Singapore-based company that provides wafer fabrication services and technologies to semiconductor suppliers and systems companies primarily in North America, Europe and Asia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.