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TDK acquires Micronas

TDK Corporation and Micronas Semiconductor Holding AG have entered into a definitive agreement pursuant to which TDK will launch an all cash public tender offer for all publicly held registered shares of Micronas for CHF 7.50 per share.

On a fully diluted equity-value basis, the transaction is valued at approximately CHF 214 million. Takehiro Kamigama, President and CEO of TDK Corporation comments: “Thanks to an extensive experience in the automotive industry and considerable human talent within Micronas, we are able to significantly strengthen our magnetics technology capabilities as TDK’s core technology and we also intend to develop a new business field”. Shigenao Ishiguro, Senior Vice President Corporate Officer and CEO of Magnetic Heads and Sensors Business Company of TDK comments: “We believe this acquisition is a perfect combination that enables complementarities from production to sales within both companies. TDK aims to be the leading company in the magnetic sensor market”. The Board of Directors of Micronas has unanimously resolved to support the public tender offer by TDK and to recommend that Micronas' shareholders to accept TDK's public tender offer. Heinrich W. Kreutzer, Chairman of the Board of Directors of Micronas comments: “With the combination of TDK and Micronas we will get access to resources of TDK which will allow us to develop innovative new products combining, in particular, TDK’s MR-expertise with Micronas expertise in hall sensors. We are excited to be part of TDK and become TDK’s sensor competence center in the future.” The pre-announcement of TDK contains the main terms and conditions of the public tender offer. Among other offer conditions, the offer is subject to the approval of the competent competition authorities and subject to the condition that at least 67% of Micronas' shares are tendered. The offer period is expected to commence on or about January 12, 2016 and to end on or about February 10, 2016. The transaction is expected to be completed in early March 2016. Subject to settlement and certain transitional arrangements, the members of the Board of Directors of Micronas are expected to tender their resignation.

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March 28 2024 10:16 am V22.4.20-1
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