HC Semitek Unveils Preliminary MEMSIC Acquisition Plan

HC Semitek, released a statement Wednesday night stating it acquired leading global Microelectromechanical systems (MEMS) sensor manufacturer MEMSIC.

The LED manufacturer has continued to suspend trade on the Chinese bourse, and so far has released its initial acquisition plan of acquiring the U.S.-based MEMSIC.

According to the statement, HC Semitek subsidiary SPV will be responsible for the takeover negotiations, with the aims of acquiring 100% of MEMSIC shares. SPV will be the main shareholder.

HC Semitek signed a shareholder investment framework agreement with SPV, and submitted the agreement to Shenzhen Stock Exchange. The transaction price will be listed in the company’s forecasted net profits for 2017, and is estimated to be 15 to 20 times above price to earnings ratio. The final transaction price will depend on evaluations from various assessment agencies to confirm the final price.

The acquisition of an international enterprise will require the review and approval from Chinese government agencies related to commerce, National Development and Reform Commission, State Administration of Foreign Exchange and others.

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<

Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.