© marcin kempski dreamstime.com Business | January 09, 2020
Diodes updates on Lite-On acquisition
Since the initial announcement of the acquisition back in August, 2019, all customary closing conditions have been met, including approval by the Lite-On shareholders. In conjunction, Diodes has been working through the final process of securing the required regulatory approvals in both Taiwan and China.
In order to facilitate the review by the Chinese authorities on the share swap transaction between Lite-On and Diodes Technologies Taiwan Co., Ltd. (Diodes Taiwan), on January 8, 2020 LSC held a board meeting where a resolution has been reached to sell 16.5% (9,237,734 shares) of On-Bright Electronics Incorporated held by Lite-On, the company writes in a press release. On the same date, On-Bright also held a board meeting where a decision was reached to implement a merger between On-Bright and Euporie Investment Holdings Limited, a wholly-owned subsidiary of Orthosie, in which On-Bright will become the wholly-owned subsidiary of Orthosie. As a result, Lite-On's 16.5% shares of On-Bright will be sold to Orthosie. Upon completion of the On-Bright Merger, which requires approval by the shareholders' of On-Bright and from relevant authorities, Lite-On’s remaining shares of On-Bright will be exchanged to NTD 230 (USD 7.68) in cash per share. Diodes has also provided an update on the regulatory approvals in both Taiwan and China for the acquisition. Both countries have two anti-trust review procedures – simplified and normal. Initial submissions to both countries were made in September 2019 under the simplified procedure. However, in December of 2019 both countries notified Diodes that due to the complexity of the combined business, the normal filing procedure would be necessary. Diodes currently expects that the normal filing procedure will likely extend the anti-trust approval process and transaction closing from the original estimate of early in the second quarter to the second half of 2020. Once the final regulatory approvals have been secured, Diodes remains confident the transaction will close as planned.
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