A consortium comprising Pavilion Capital Pte. Ltd., Axiom Asia Private Capital and others entered into a merger agreement to acquire 83.5% stake in On-Bright Electronics Incorporated from Lite-On Semiconductor Corp. and others for TWD 10.8 billion.

A consortium comprising Pavilion Capital Pte. Ltd., Axiom Asia Private Capital and others entered into a merger agreement to acquire 83.5% stake in On-Bright Electronics Incorporated (GTSM:4947) from Lite-On Semiconductor Corp. (TSEC:5305) and others for TWD 10.8 billion on January 8, 2020.

Under the terms of the merger, the purchase price is TWD 230 per share in cash. This merger consideration may be subject to adjustment. In a related deal, the consortium will acquire 16.5% stake in On-Bright Electronics Incorporated from Lite-On Semiconductor Corp.

in a block trade. On-Bright Merger, requires approval by the shareholders' of On-Bright and from relevant competent authorities. The deal is resolved by board of On-Bright on January 8, 2020.

As of January 15, 2020, David Lee, LSC's Chief Executive Officer, resigned as On-Bright's chairman of the board, and Karin Huang, LSC's Chief Financial Officer, resigned as a director of On-Bright's board. As a result, no member of LSC's management team serves on the board of On-Bright.