Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Siliconware Precision Inds / Event-Driven

This is an update on our previous report. In our first insight we analyzed the partial offer and touched on the possible courses of action that ASE could take after Hon Hai came into the picture.In this insight, we focus on the decision tree&nbsp;and evaluate the likelihood for each possible outcome.Is this a situation with possible asymmetric returns? We think it is... our reasons are below the fold

This is an update on our previous report. In our first insight we analyzed the partial offer and touched on the possible courses of action that ASE could take after Hon Hai came into the picture.In this insight, we focus on the decision tree&nbsp;and evaluate the likelihood for each possible outcome.Is this a situation with possible asymmetric returns? We think it is... our reasons are below the fold

ASE/SPIL/HonHai -  Would you bring a knife to a gun fight?

On 21 August 2015, Advanced Semiconductor Engineering ("2311 TT") announced plans to commence tender offers for the common shares and American Depository Shares ("ADSs") of Siliconware Precision Industries Co. Ltd. ("2325 TT") at TWD 45 / share and TWD 225 / ADS respectively.<ul><li>The transaction is valued at ~TWD 35 Bn (USD 1.08 Bn)</li><li>1 ADS = 5 common shares</li><li>Taiwan offer commenced 0900hrs (Taiwan time) on 24 August 2015 and is set to expire at 1530hrs (Taiwan time) on 22 September 2015; the US offer commenced 0001hrs (New York time) on 24 August 2015 and will expire at 1200hrs (New York time) on 22 September 2015</li></ul>On Friday, 28 August 2015, SPIL responded. They&nbsp;recommended shareholders REJECT ASE's Tender Offer and announced that they will be entering into a share exchange with Hon Hai that would lead to Hon Hai owning 841m shares (21.2% of SPIL) and SPIL owning 359m shares (2.2%) in Hon Hai.In order to complete the share exchange, SPIL shareholders must approve the issuance of new shares during the coming EGM to be held on the 15 October 2015This is dilutive to shareholders of SPIL, and to ASE if they were to proceed to buy&nbsp;25% of SPIL.&nbsp;In spite of the announcement, ASE has affirmed that they are still proceeding with their partial offer. This turn of events creates a very interesting situation..... more on this event&nbsp;below the fold

On 21 August 2015, Advanced Semiconductor Engineering ("2311 TT") announced plans to commence tender offers for the common shares and American Depository Shares ("ADSs") of Siliconware Precision Industries Co. Ltd. ("2325 TT") at TWD 45 / share and TWD 225 / ADS respectively.The transaction is valued at ~TWD 35 Bn (USD 1.08 Bn)1 ADS = 5 common sharesTaiwan offer commenced 0900hrs (Taiwan time) on 24 August 2015 and is set to expire at 1530hrs (Taiwan time) on 22 September 2015; the US offer commenced 0001hrs (New York time) on 24 August 2015 and will expire at 1200hrs (New York time) on 22 September 2015On Friday, 28 August 2015, SPIL responded. They&nbsp;recommended shareholders REJECT ASE's Tender Offer and announced that they will be entering into a share exchange with Hon Hai that would lead to Hon Hai owning 841m shares (21.2% of SPIL) and SPIL owning 359m shares (2.2%) in Hon Hai.In order to complete the share exchange, SPIL shareholders must approve the issuance of new shares during the coming EGM to be held on the 15 October 2015This is dilutive to shareholders of SPIL, and to ASE if they were to proceed to buy&nbsp;25% of SPIL.&nbsp;In spite of the announcement, ASE has affirmed that they are still proceeding with their partial offer. This turn of events creates a very interesting situation..... more on this event&nbsp;below the fold

Special Sits - Partial offer turns hostile

Taiwan

Siliconware Precision Industries Co Ltd operates integrated circuit packaging consultation, design, simulation, assembly, and final test. The current products are quad flat package (QFP) and small outline package (SO).

Siliconware Precision Industries (Adr) (SPIL US)

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Siliconware Precision Industries (Adr) (SPIL US)

ASE/SPIL/HonHai - Would you bring a knife to a gun fight?

This is an update on our previous report. In our first insight we analyzed the partial offer and touched on the possible courses of action that ASE...

Crispin Francis

Special Sits - Partial offer turns hostile

On 21 August 2015, Advanced Semiconductor Engineering ("2311 TT") announced plans to commence tender offers for the common shares and American...

Crispin Francis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)