MediaTek Announces Tender Offer for Richtek

MediaTek has announced that its Board of Directors had approved a Letter of Intent (“LOI”) with Richtek Technology Corporation. As per the LOI, MediaTek and/or its subsidiaries and affiliates (collectively and individually, hereinafter, “MediaTek”) shall launch a tender offer for Richtek common stock.

Under the tender offer, MediaTek plans to acquire a minimum of 51,981,057 shares (approximately 35% of Richtek’s outstanding shares) to a maximum of 75,743,826 shares (approximately 51% of Richtek’s outstanding shares) for NT$195 per share.  Upon completion of the tender offer, MediaTek plans to further acquire 100% of Richtek’s outstanding shares and it is now expected to be completed at the second quarter of 2016, subject to relevant regulatory approvals.

“As a global leader with significant presence in smartphones, tablets, and the digital home, MediaTek offers tremendous growth opportunities for power management related products through the cross-platform advantage,” said Ming-Kai Tsai, MediaTek Chairman & CEO. “Richtek is a leader in analog ICs and provides comprehensive power management solutions to satisfy various customer demand, backed by an experienced management and R&D team. We believe, through the deal, the competitive edges of both companies will be leveraged to maximize the platform synergy, strengthen MediaTek in Internet of Things segment and further enhance MediaTek’s competitiveness in the fast-changing and ever-competitive global semiconductor market.”Read more