TAIPEI, TAIWAN, ROC -- United Microelectronics Corp. convened the 12th session, 11th term of its Board of Directors meeting today. During the meeting, its board approved to terminate the Merger Agreement between UMC and Infoshine Technology Limited, the holding company of He Jian Technology (Suzhou) Co., Ltd. Going forward, UMC will continue to seek a successful integration with He Jian in accordance with current laws and regulations.
The Merger Agreement had been approved by UMC's board in April 2009 and at UMC's 2009 Annual General Shareholders' Meeting in June. The merger consideration involved a combination of common shares, ADR and cash as options for payment to He Jian's shareholders. However, an investment regulation governing foreign holdings of Taiwanese securities, coupled with other restrictions from the amended Operating Rules of the Taiwan Stock Exchange Corporation for issuing new shares to merge foreign unlisted companies, precluded the issuance of common shares or ADR as payment options. Meanwhile, He Jian's shareholders had not decided whether to accept a cash-only merger. As such, based on considerations of timing and changes in the industry environment, the Board resolved today to terminate the Merger Agreement.
Going forward, UMC will continue seeking possible alternatives with He Jian shareholders, including a full or partial acquisition of He Jian in cash upon revaluation. UMC looks forward to successfully integrating with He Jian in the future to further diversify globally, expand overseas business, increase profitability, enhance shareholders' equity, and provide future momentum for investment in Taiwan.
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Archived Dialogues
Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Euro-Crisis: What It Means for High-Tech Firms Join EBN Editor in Chief Bolaji Ojo and Contributing Editor Jennifer Baljko on Thursday, July 12, at 10:00 a.m. EDT for a Live Chat on high-tech and Europe's economic difficulties.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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