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Taiwan, Hsinchu – September 7, 2015 – MediaTek
Inc. (TSE: 2454) announced its Board of Directors had approved a Letter
of Intent (“LOI”) with Richtek Technology Corporation (TSE: 6286;
hereinafter “Richtek”) today. Per the LOI, MediaTek and/or its
subsidiaries and affiliates (collectively and individually, hereinafter,
“MediaTek”) shall launch a tender offer for Richtek common stock.
Under the tender offer, MediaTek plans
to acquire a minimum of 51,981,057 shares (approximately 35% of
Richtek’s outstanding shares) to a maximum of 75,743,826 shares
(approximately 51% of Richtek’s outstanding shares) for NT$195 per
share. Upon completion of the tender offer, MediaTek plans to further
acquire 100% of Richtek’s outstanding shares and it is now expected to
be completed at the second quarter of 2016, subject to relevant
regulatory approvals.
“As a global leader with significant
presence in smartphones, tablets, and the digital home, MediaTek offers
tremendous growth opportunities for power management related products
through the cross-platform advantage,” said Mr. Ming-Kai Tsai, MediaTek
Chairman & CEO. “Richtek is a leader in analog ICs and provides
comprehensive power management solutions to satisfy various customer
demand, backed by an experienced management and R&D team. We
believe, through the deal, the competitive edges of both companies will
be leveraged to maximize the platform synergy, strengthen MediaTek in
Internet of Things segment and further enhance MediaTek’s
competitiveness in the fast-changing and ever-competitive global
semiconductor market.”
“MediaTek and Richtek are highly
complementary in power management IP and products which creates a
leadership position in this field,” said, Mr. Kenneth Tai, Richtek
Chairman. “As specifications for end products continue to upgrade, the
requirements for integrated power management solutions become more
complex and diversified. By leveraging MediaTek’s platform leadership,
Richtek aims to further optimize power management performance on the
system level to enable competitive products for customers and further
expand analog IC offerings to propel the company into its next stage of
growth.”
Moving forward, MediaTek strives to
build upon its cross-platform leadership to provide customers with
innovative product solutions and increase our shareholder’s value.
###
About MediaTek
MediaTek Inc. is a pioneering fabless
semiconductor company founded in 1997. Through years of innovation,
MediaTek is now a global leader in IC design, providing cutting-edge
systems on a chip (SoC) solutions in wireless communication, WIFI, HDTV,
DVD, and Blu-Ray. Our integrated chip designs help manufacturers
optimize supply chains, reduce development time, and provide a
competitive edge in ever crowded markets. Entering the IoT age,
MediaTek has formed a new innovation incubator, MediaTek Labs, with
goals of providing product and technology support to innovators
world-wide who looks to create new exciting end applications in the IoT
market.
MediaTek's mission is to enhance life
on earth and enrich countless lives, so that one day in the near future
everyone has the chance to be an Everyday Genius.
For more information, please visit www.mediatek.com.
About Richtek
Richtek Technology Corporation is one
of the world’s leading analog IC companies. The company consistently
delivers inventive power management solutions that improve the
performance of consumer electronics, computers, and communications
equipment. Richtek adds value to end equipment by synthesizing
technological innovation, uncompromised quality, and devotion to
customer service. Founded in 1998, the Company is headquartered in
Taiwan with additional offices in Asia, the U.S., and Europe. Richtek
is publicly traded on the Taiwan Stock Exchange under the ticker symbol
6286. For more information about Richtek and its analog IC solutions,
please visit www.richtek.com.
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