Panjit International Inc. (TWSE:2481) made an offer to acquire a 30% stake in Champion Microelectronic Corporation (TWSE:3257) for TND 1.9 billion on February 14, 2022. Panjit will acquire up to 23.996 million shares of Champion Microelectronic Corporation at a price of TWD 80.8 per share in cash. The planned maximum number of the acquisition is 23.996 million shares (about 30% equity), and the minimum number of the acquisition is 4 million shares (about 5% equity). If the minimum number of shares to be acquired is reached, this public acquisition will be considered as completed. Transaction will be funded from own available funds of Panjit. Matters involved in this public tender offer that must be approved or declared to be effective by the FSC or other competent authorities. Transaction is approved by the board of Panjit International Inc. Champion Microelectronic Corporation will hold review committee to recommend the shareholders on the acceptance of Offer. An on March 2, 2022, minimum tender is achieved and all the conditions of the transaction have been satisfied.
Offer will be open from February 16, 2022 to March 17, 2022. Mark Wei-Chen Tu of Baker & McKenzie, Taipei acted as legal advisor to Panjit International Inc. Tu Shengjie of Tu Shengjie acted as accountant and Tu Shengjie, An Investment Banking Arm acted as fairness opinion provider to Panjit.
Panjit International Inc. (TWSE:2481) completed the acquisition of 30% stake in Champion Microelectronic Corporation (TWSE:3257) on March 17, 2022.