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Hon Hai to Acquire Camera Maker
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| 25 June 2006 |
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In a move that took analysts by surprise, Hon Hai Precision Industry Co, Taiwan’s biggest maker of electronics components, said it planned to acquire Taiwan's top camera maker through a share swap in order to further trim costs.
Hon Hai announced that it would pay one of its shares for every 3.9 shares of Premier Image Technology Corp, the company said in a statement submitted to the Taiwan Stock Exchange.
The proposed acquisition -- worth around NT$30.3 billion ($929.6 million) based on Hon Hai's closing price of NT$204 on Monday -- is the biggest electronics merger this year. In other words, Hon Hai would spend roughly NT$52.4 for each Premier share.
Premier currently has 5.8 billion in outstanding shares. The deal is scheduled to take effect on Dec. 1 this year, with Hon Hai to be the surviving entity.
Source: Taipei Times
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