ITM Semiconductor Co., Ltd. agreed to acquire TMOS Co., Ltd. from Seoul Electronics & Telecom Co. Ltd. (KOSDAQ:A027040), AJU IB INVESTMENT Co., Ltd., KDB Private Equity, AERIX Co., Ltd. and others in stock on October 16, 2014. Under the terms of the acquisition, ITM Semiconductor will issue 1.9 million new shares for the merger. The acquisition will have a merger ratio of 1 to 0.0248580 between ITM Semiconductor and TMOS. Post acquisition, ITM Semiconductor will survive and TMOS will be dissolved.

TMOS had total assets of KRW 57.07 billion, total stockholders' equity of KRW 18.8 billion, revenue of KRW 84.4 billion and net profit of KRW 1.9 billion for the year ending December 31, 2013. The transaction is expected to complete on December 24, 2014. Existing stock submission period and period of submission of objections from creditors is from November 22, 2014 to December 23, 2014. As of November 4, 2014, the merger ratio has now changed. The merger ratio is now 1 to 0.0253417 between ITM Semiconductor and TMOS and ITM Semiconductor will issue 1.93 million new shares for the merger.

ITM Semiconductor Co., Ltd. completed the acquisition of TMOS Co., Ltd. from Seoul Electronics & Telecom Co. Ltd. (KOSDAQ:A027040), AJU IB INVESTMENT Co., Ltd., KDB Private Equity, AERIX Co., Ltd. and others on December 24, 2014.