ATIC Makes Bid to Acquire Chartered Semiconductor
Advanced Technology Investment Company LLC (ATIC) of Abu Dhabi and Chartered Semiconductor Manufacturing (Chartered) of Singapore today announced a definitive agreement whereby ATIC would acquire Chartered, one of the worlds top dedicated semiconductor foundries. The bid is valued at $3.9 billion in US dollars, which is a fairly hefty sum. If the acquisition takes place it would be strengthen ATIC even more by adding six additional fab facilities as well as Chartereds customer relationships.
The proposed acquisition will be effected by way of a scheme of arrangement under section 210 of the Companies Act of Singapore, subject to the approval of Chartered shareholders and the sanction of the High Court of Singapore. The transaction is expected to close during the fourth quarter of 2009. Completion of the transaction will be subject to customary conditions, such as regulatory and shareholder approvals. Details can be found in the joint scheme announcement that has been filed with the Singapore Exchange Securities Trading Limited (SGX), as well as in the scheme document to be sent to Chartered shareholders.
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