DIGITIMES: Siltronic: GlobalWafers agree to merge
Siltronic announced December 9 it has entered a business combination agreement (BCA) with GlobalWafers, under which GlobalWafers will make a tender offer to Siltronic shareholders at an offer price of EUR125 (US1.03) per share in cash. The combination of the two companies will create a company with a comprehensive product portfolio and leading technology in the global wafer market.
The agreement signed by Siltronic and GlobalWafers includes a guarantee for the former's German sites, as well as protection against compulsory redundancies for employees in Germany until the end of 2024. The Burghausen site will remain Siltronic's technology and R&D center. Sufficient investment budgets will be available in order to maintain and further develop existing production capacities. The established Siltronic brand will also remain in the combined company.
"This combination shows how attractive the Siltronic team and its leading-edge solutions are in this market. GlobalWafers has made important commitments for a successful future of Siltronic within the GlobalWafers Group. In particular, the guarantees made to the sites and the workforce were very important to us, but also maintaining the strong Siltronic brand under the GlobalWafers umbrella," said Christoph von Plotho, CEO for Siltronic.
Siltronic will continue to manage its operating business with a high degree of strategic freedom according to the deal. In order to fully exploit the potential of the combination, the CEO, CFO and head of technology of Siltronic will assume additional management functions at GlobalWafers after the completion of the proposed transaction.
Closing of the transaction is subject to customary closing conditions, including the achievement of the minimum acceptance threshold and merger control and foreign investment approvals. The parties expect to complete the transaction in the second half of 2021.
Jesse Chen, Taipei
The agreement signed by Siltronic and GlobalWafers includes a guarantee for the former's German sites, as well as protection against compulsory redundancies for employees in Germany until the end of 2024. The Burghausen site will remain Siltronic's technology and R&D center. Sufficient investment budgets will be available in order to maintain and further develop existing production capacities. The established Siltronic brand will also remain in the combined company.
"This combination shows how attractive the Siltronic team and its leading-edge solutions are in this market. GlobalWafers has made important commitments for a successful future of Siltronic within the GlobalWafers Group. In particular, the guarantees made to the sites and the workforce were very important to us, but also maintaining the strong Siltronic brand under the GlobalWafers umbrella," said Christoph von Plotho, CEO for Siltronic.
Siltronic will continue to manage its operating business with a high degree of strategic freedom according to the deal. In order to fully exploit the potential of the combination, the CEO, CFO and head of technology of Siltronic will assume additional management functions at GlobalWafers after the completion of the proposed transaction.
Closing of the transaction is subject to customary closing conditions, including the achievement of the minimum acceptance threshold and merger control and foreign investment approvals. The parties expect to complete the transaction in the second half of 2021.
Jesse Chen, Taipei