The company pointed out that the now raised offer price corresponds to an increase of 16 percent over the original bid.
GlobalWafers announced on Saturday that instead of the previous EUR 140, Siltronic shareholders would now be paid EUR 145 per share for all outstanding ordinary shares. This is the “final takeover offer,” it said. GlobalWafers only increased the offer from 125 to 140 euros on Friday.
The shareholders can continue to consider whether to accept the offer until January 27th. Wafers are thin slices of silicon that serve as a base plate for electronic components such as microchips.
The major shareholder WACKER CHEMIE had already contractually agreed in December that it would sell its almost 31 percent stake in Siltronic, which would bring almost 1.2 billion euros into the cash register. In addition, GlobalWafers announced a minimum acceptance threshold of 65 percent in December. According to the announcement on Friday, the group currently holds 4.53 percent of Siltronic.
In the event of a successful takeover, GlobalWafers had announced that German Siltronic locations would be protected against closings until the end of 2024, as would employees in Germany against redundancies.
The re is currently a shortage of microchips and sensors in the German automotive industry. Federal Minister of Economics Peter Altmaier therefore sent a letter to the Taiwanese government and asked for help in solving the current supply problems, as reported by the “Saarbrücker Zeitung”. For him, this is of “outstanding industrial policy importance”, since otherwise the economic corona recovery in the industry would be endangered.
The background is, among other things, a high demand for semiconductors: the auto business picked up earlier than expected after the Corona slump, while other industries such as entertainment electronics or medical technology also want to be supplied.
GlobalWafers lowers the acceptance threshold for Siltronic to 50 percent
GlobalWafers has lowered the acceptance threshold for the takeover offer for German competitor Siltronic to 50 percent from 65 percent. Due to the change in the terms of the offer, the acceptance period for the takeover offer will be extended by two weeks until February 10, the Taiwanese group announced.
The price of the “final takeover offer” is still 145 euros per share.
So far, 30.89 percent of the outstanding shares have been tendered. GlobalWafers confirmed that it would not take any measures within the next three years in order not to conclude a domination and / or profit and loss transfer agreement.
The takeover plans were announced at the end of November, and the original offer for 125 euros per share valued Siltronic at just under 3.8 billion euros. Last week GlobalWafers increased the offer, on Saturday the Munich wafer manufacturer described the new price as attractive.
Jefferies raises target for Siltronic share to 150 euros – ‘Hold’
After a price jump, Siltronic reacts cautiously to higher offers
The shares of the German wafer manufacturer initially no longer reacted positively to the again raised purchase offer from GlobalWafers. On Tradegate, they were last listed 0.9 percent lower at the XETRA close on Friday, when they had already increased by more than three and a half percent to EUR 145.20.
The group not only increased the offered price again to 145 euros per share, but also lowered the minimum acceptance threshold to 50 percent and extended the acceptance period by two weeks. However, GlobalWafers ruled out a further increase in the offer if the acceptance threshold was not reached. Instead, alternative growth plans should then be pursued.
Analyst Constantin Hesse from Jefferies does not assume that GlobalWafers will reach the acceptance threshold it has set itself among the shareholders of the German wafer manufacturer. His price target, which has been raised from 135 to 150 euros, is now slightly above the new offer. However, Hesse justified it primarily with his higher estimates, since he assumed a better price environment for the next three years.
MUNICH / NEW YORK / FRANKFURT (dpa-AFX / Dow Jones Newswires)
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