ChipMOS, ChipMOS Taiwan Shareholders Approve Merger - Quick Facts

(RTTNews) - ChipMOS TECHNOLOGIES (Bermuda) LTD. (IMOS), a provider of outsourced semiconductor assembly and test services, announced Friday that its shareholders have approved the merger of ChipMOS with and into ChipMOS TECHNOLOGIES INC. or ChipMOS Taiwan.

It was announced that 83.41% of the outstanding shares ChipMOS were voted in favor of the Merger. In addition, 83.66% of the outstanding shares ChipMOS Taiwan were voted in favor of the Merger at today's ChipMOS Taiwan Extraordinary General Meeting.

ChipMOS Taiwan is a 58.3% directly owned subsidiary of ChipMOS as of January 21, 2016, with ChipMOS Taiwan being the surviving company after the Merger at ChipMOS's annual general meeting of shareholders held today.

Both ChipMOS and ChipMOS Taiwan expect to close the Merger by October 31.

Under the Merger Agreement, ChipMOS's shareholders will receive $3.71 in cash, without interest, and 0.9355 American Depository Shares representing 18.71 ChipMOS Taiwan Shares in exchange for each ChipMOS common share of par value $0.04 held immediately prior to the closing of the Merger.

This would represent $22.30 in total consideration as of August 11, and a premium of 16.5%, based on the average closing prices of ChipMOS and ChipMOS Taiwan on the Nasdaq and the Taiwan Stock Exchange on August 11. On closing of the Merger, all common shares of ChipMOS and ChipMOS Taiwan Shares currently held by ChipMOS will be cancelled.