Chartered Semiconductor reports its shareholders have voted in favor of ATIC's offer to acquire Chartered:
Advanced Technology Investment Company LLC (ATIC) of Abu Dhabi and Chartered Semiconductor Manufacturing Ltd. (Chartered) of Singapore announced that Chartered shareholders today voted in favor of ATIC's offer to acquire Chartered. The proposal was approved by 82.56 percent of the shareholders present and voting in person or by proxy, representing 99.83 percent of the shares held by shareholders.
"Chartered shareholders have spoken overwhelmingly in favor of the acquisition, and I believe this reflects their recognition that the offer by ATIC provides them with an opportunity to realize their investment. While the acquisition still requires other customary approvals, today's vote was an important milestone in the overall process. We want to thank Chartered shareholders for their careful consideration, participation, and support, as we believe this offer enables Chartered to accelerate its goal of becoming a leading player in the semiconductor industry," said Jim Norling, chairman of the board of directors at Chartered. On September 7, ATIC made its offer by way of a Scheme under section 210 of the Companies Act of Singapore. Following today's shareholder approval, the Scheme still requires approval by the High Court and other certain approvals. The Scheme shall become effective and binding upon the lodgement of a copy of the order of the Court approving the Scheme with the Accounting and Corporate Regulatory Authority of Singapore.
"This is another positive step toward the combination of two great companies, Chartered and Globalfoundries," said Ibrahim Ajami, chief executive officer of ATIC. "By bringing together the talent, technology and experience of both companies and supporting it with our long-term philosophy and patient capital, we offer something unique and competitive to customers and partners in this industry."
ATIC is a technology investment company wholly owned by the government of Abu Dhabi. This acquisition is its second major investment in the semiconductor industry and follows the company's March 2009 creation of GLOBALFOUNDRIES, a U.S.-headquartered, leading-edge semiconductor manufacturing company and a joint venture with AMD. The acquisition of Chartered is made through ATIC International Investment Company LLC, a wholly owned subsidiary of ATIC. Once the transaction is completed, ATIC will be the sole owner of Chartered.