Cardiff-based IQE plc announce acquisition of Taiwanese firm
IQE plc, a manufacturer of advanced semiconductor wafer products, has announced the acquisition of third-party shareholdings in IQE Taiwan Corporation, taking IQE’s ownership from 90.18% to 100%.
The Acquisition was effected using a statutory share swap arrangement under Taiwan’s Business Mergers and Acquisitions Law. Selling shareholders who accepted the Share Swap will be issued with shares in IQE on the basis of the average closing price of IQE’s ordinary shares of 1p on AIM in the 30-day period prior to today’s Acquisition effective date. Selling shareholders who rejected the Share Swap will have their shares in IQE Taiwan purchased for cash.
Tim Pullen, Chief Financial Officer of IQE, said: “IQE’s Taiwan subsidiary is of strategic importance to the Group as a base for epitaxy production in the Asia region. Having invested in the expansion of the facility in 2019 and looking forward to further growth in the future, I’m delighted to be bringing the entity under wholly owned status.”