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Lite-on to acquire 100% of Japanese subsidiary
LITE-ON Technology intends to acquire all outstanding shares of LITE-ON Japan Ltd. (LOJ) through a tender offer in Japan JASDAQ market.
LOJ will become LITE-ON 100% owned subsidiary after the successful completion of the transaction and subsequent process in accordance with the applicable Japan Security and Corporate Law. There is currently no tangible plan to change the operational and management structure of LOJ, a press release states. LITE-ON currently owns 49.49% of all issued shares of LOJ directly, while SILITECH Technology Corporation and LITE-ON Semiconductor Corporation both own 7.87% stake in LOJ respectively. “In response to the fast-changing industrial environment around the globe, we’ve been streamlining and staying focused on LITE-ON’s core business scope and segments, that continuously enhances group’s competency and operational efficiency, furthermore maximizes the overall corporate value of LITE-ON as well as the long-term interests of our shareholders, clients and employees’” said Warren Chen, LITE-ON Vice Chairman and Group CEO. LOJ, founded in 1985, provides the electronic components and power related products, as well manufactures modules for the OEM and ODM customers, with 367 employees.
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