Wacker Chemie's Supervisory Board Approves GlobalWafers Takeover of Siltronic Stake
10 Dicembre 2020 - 8:12AM
Dow Jones News
By Cecilia Butini
German chemical company Wacker Chemie AG said late Wednesday
that its supervisory board has approved an irrevocable undertaking
to sell its entire stake in silicon-wafers manufacturer Siltronic
AG to semiconductor maker GlobalWafers Co.
The offer price is 125 euros ($151.04) per share for
approximately 30.8% of Siltronic's share capital, with a minimum
acceptance threshold of 65%.
Siltronic's executive and supervisory boards also approved the
signing of the agreement, the company said.
Siltronic said separately that the offer price represents a 48%
premium on the volume-weighted average price on the Xetra trading
system over the 90 days prior to the agreement disclosure.
Siltronic also said the agreement allows the company to pursue
an unchanged business strategy. It still intends to propose a
dividend of about EUR2 a share, to be paid out before the
completion of the transaction.
As a result of the takeover, there won't be any site closures or
layoffs for operational reasons in Germany until the end of 2024,
Siltronic said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
December 10, 2020 01:57 ET (06:57 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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