DGAP-Adhoc: Siltronic AG is in advanced, near to final discussions on a takeover offer by GlobalWafers Co., Ltd. from Taiwan
DGAP-Ad-hoc: Siltronic AG / Key word(s): Offer/Letter of Intent
Siltronic AG is in advanced, near to final discussions on a takeover offer by GlobalWafers Co., Ltd. from Taiwan
Germany, Munich, November 29, 2020 - The Executive Board of Siltronic AG ("Siltronic") is in advanced, near to final discussions to enter into a Business Combination Agreement ("BCA") with GlobalWafers Co., Ltd. ("GlobalWafers"). Siltronic expects that GlobalWafers will make a voluntary tender offer to Siltronic shareholders at an offer price of EUR 125 per share. In addition, the Executive Board intends to propose a dividend in line with the Company's dividend policy of approximately EUR 2 per share for fiscal year 2020, which is expected to be paid prior to the completion of the transaction.
The offer price represents a premium of 48 % above the volume-weighted average XETRA price over the last 90 days and is based on intensive negotiations over a number of months between the parties. The Executive Board of Siltronic AG considers this offer price to be attractive and appropriate. The merger would create a leading player in the wafer industry with a comprehensive product portfolio that can offer technologically sophisticated products to all semiconductor customers.
Both parties are in agreement on the key terms of the BCA. According to the current status of the document, Siltronic can pursue an essentially unchanged business strategy, the social partnership with the employee representatives will be maintained, and there will be no site closures or layoffs of employees for operational reasons in Germany until the end of 2024.
The Executive Board has already informed the Supervisory Board about the potential transaction. Siltronic and GlobalWafers are working towards a formal announcement of the signing of the BCA in the second week of December 2020, following discussion and approval by the Supervisory Board of Siltronic and the Board of GlobalWafers.
29-Nov-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Phone:||+49 89 8564 3133|
|Fax:||+49 89 8564-3904|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange|
|EQS News ID:||1151323|
|End of Announcement||DGAP News Service|
1151323 29-Nov-2020 CET/CEST
With 9 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
As a result the target price of €145.00 shows a slightly positive potential of 5.647% compared to the current price of €137.25 for Siltronic AG.