STATS ChipPAC (updates)

STATS ChipPAC: official announcement by the company. JCET has made a non-binding proposal to acquire all shares of STATS ChipPAC for an agggregate purchase price of US$780m. However, the deal does not include STATS' subsidiaries in Taiwan - 52% owned STATS ChipPAC TSMC, and 100% owned STATS ChipPAC Taiwan. The exclusive talks will last till 30 Nov, unless extended. JCET proposes to implement the proposed transaction by way of a pre-conditional voluntary cash offer, with the illustrative INDICATIVE price of $0.452 / sh. The Taiwan companies which are not within the scope of the proposed transaction have book value of ~US$81m ($0.047 per share). There is no assurance the JCET proposal will result in any definitive agreement.