ProMOS once again fails to sell its 300mm fab

Posted on Thursday, December 13 2012 @ 16:14 CET by Thomas De Maesschalck
DigiTimes writes ProMOS Technologies failed for the second time to sell its 300mm fab in Taichung, central Taiwan, despite bids from Vanguard International Semiconductor (VIS) and Globalfoundries. The bid from VIS was lower than ProMOS' bottom price, while Globalfoundries was disqualified from bidding as the foundry presented a US dollar denominated check without presenting a letter of credit.
Globalfoundries lost its qualification to win the bid as the US-based foundry house made an offer in a US dollar-denominated check without presenting a letter of credit, according to industry sources.

The offer from VIS was lower than the bottom price set up by ProMOS, pushing VIS and ProMOS to enter direct negotiations for a deal.

However, the two sides failed to reach an agreement as ProMOS was reluctant to lower its selling price, the source noted. ProMOS set the bottom price at NT$19.5 billion (US$670.33 million).




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