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Manufacturing/Packaging  

ST to complete second-step Genesis merger

Posted: 21 Jan 2008     Print Version  Bookmark and Share

Keywords:acquisition  tender offer  merger 

STMicroelectronics has received tenders of approximately 3.46 crore shares of Genesis Microchip Inc., representing approximately 91 per cent of the outstanding Genesis shares.

The company also announced it would provide a subsequent offering period commencing from Jan. 17-23. During the subsequent offering period, ST's wholly owned subsidiary, Sophia Acquisition Corp., will accept for payment and promptly pay for Genesis shares as they are tendered. Stockholders who tender shares during such period will be paid the same Rs.341.49 ($8.65) per share, net to the seller in cash, as was paid during the initial offering period. Shares tendered during the subsequent offering period may not be withdrawn.

ST expects to complete the second-step merger as soon as practicable after the expiration of the subsequent offering period.




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