MediaTek Announces Tender Offer for Richtek
MediaTek has announced that its Board of Directors had approved a Letter of Intent (“LOI”) with Richtek Technology Corporation. As per the LOI, MediaTek and/or its subsidiaries and affiliates (collectively and individually, hereinafter, “MediaTek”) shall launch a tender offer for Richtek common stock. Under the tender offer, MediaTek plans to acquire a minimum of 51,981,057 shares (approximately 35% of Richtek’s outstanding shares) to a maximum of 75,743,826 shares (approximately 51% of Richtek’s outstanding shares) for NT$195 per share. Upon completion of the tender offer, MediaTek plans to further acquire 100% of Richtek’s outstanding shares and it is now expected to be completed at the second quarter of 2016, subject to relevant regulatory approvals. “As a global leader with significant presence in smartphones, tablets, and the digital home, MediaTek offers tremendous growth opportunities for power management related products through the cross-platform advantage,” said M...