Cree Keeps Promise of Buying Lextar Shares at NT $30

Taiwanese LED manufacturer Lextar has approved leading U.S. LED manufacturer Cree’s NT $83 million investment in the company during a recent shareholder meeting, according to several Taiwanese media reports.

Lextar’s recent sliding stock performance caused market speculations that Cree, a strategic business partner of Lextar, might negotiate for lower share prices, according to a Liberty Times report. Cree has decided to purchase Lextar shares at NT $30as written in the agreement, stated Lextar.

In late August, Cree announced plans of investing a total of NT $83 million to acquire a 13% stake in Lextar, which would make it the second largest shareholder following AOT Group. Under the previous agreement, Cree would acquire Lextar stocks at NT $30 per share.

Lextar’s total finances will increase from the current NT $7 billion to NT $9 billion after Cree’s investment, according to an Apple Daily report. The latest Cree investment and the NT $600 million convertible bonds Lextar previously issued will raise Lextar’s capital from NT $5.4 billion to NT $7 billion.

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