Electronics Production | January 16, 2007
Jabil close Taiwan Green deal
Jabil has announced the completion of the previously-announced tender offer by one of its wholly owned subsidiaries to acquire up to 100 percent of the outstanding shares of Taiwan Green Point Enterprises Co., Ltd. for NT$109 per share.
As of January 12, 2007, approximately 261 million shares of stock were acquired, representing over 97.6 percent of Taiwan Green Point's outstanding shares. The tender offer expired as scheduled and was not extended. The total amount paid for the tendered shares was approximately $US 871 million, based on current exchange rates. The entire purchase for the shares was borrowed under Jabil's $1.0 billion unsecured bridge credit agreement. It is intended that the remaining Taiwan Green Point shares will be acquired through the merger of Taiwan Green Point into Jabil's wholly-owned subsidiary as per the merger agreement signed and announced on November 22, 2006, provided that certain closing conditions are met. These conditions include the approvals from the Taiwan Stock Exchange and the Financial Supervisory Commission and completion of the delisting process. These conditions are expected to be met in April, 2007. Formal approval of the merger by Taiwan Green Point's shareholders is not required because over 90 percent of Taiwan Green Point's outstanding shares were acquired through the tender offer. The remaining shareholders will receive NT$109 in cash for their shares at the closing of the merger. Approximately 30,000 Taiwan Green Point employees will join Jabil, including the current management team. The Green Point name will be retained and will operate as an independent business within Jabil.
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