Irene Chen, Taipei; Steve Shen, DIGITIMES [Monday 19 November 2007]
Hong Jeng Investment, an investment arm of Taiwan-based FAT Capital Management, which announced on November 7 a tender offer to buy up to a 10% stake in Accton Technology, has said that it has received bookings from shareholders for the selling of more than a 10% stake in the network-equipment maker when the first stage of the tender offer closed on November 16.
Under the announced tender offer, Hong Jeng will purchase up to 54.45 million outstanding shares of Accton from November 7-16 at NT$20 (US$0.62) per share. However, the total outstanding shares offered for sale under the tender offer amounted to 150 million shares, according to sources close to Hong Jeng.
Hong Jeng, which aims to acquire a 100% stake in Accton, is expected to continue its tender offer to buy the remaining 90% stake in the network-equipment company once the purchase of the initial 10% outstanding shares is completed, indicated the sources.
Hong Jeng, however, has not yet made clear as to when it will execute its second-round of the tender offer.
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