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Diodes Incorporated Provides Update on Lite-On Semiconductor Acquisition
PLANO, Texas--(BUSINESS WIRE)-- Diodes Incorporated (Nasdaq: DIOD) today provided the following update related to the status of its acquisition of Lite-On
About this update from Diodes Incorporated
[{"type":"text","content":" PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Nasdaq: DIOD) today provided the following update related to the status of its acquisition of Lite-On Semiconductor (TWSE: 5305) (“LSC”). Since the announcement of the acquisition on August 8, 2019, all customary closing conditions have been met, including approval by the Lite-On shareholders. In conjunction, Diodes has been working through the final process of securing the required regulatory approvals in both Taiwan and China.\n\n\nIn order to facilitate the review by the relevant Chinese authorities on the share swap transaction between LSC and Diodes Technologies Taiwan Co., Ltd. (\"Diodes Taiwan\"), on January 8, 2020 LSC held a board meeting where a resolution has been reached to sell 16.5% (9,237,734 shares) of On-Bright Electronics Incorporated (TWSE: 4947, \"On-Bright\") held by LSC. On the same date, On-Bright also held a board meeting where a resolution has been reached to implement a merger between On-Bright and Euporie Investment Holdings Limited, a wholly-owned subsidiary of Orthosie, in which On-Bright will become the wholly-owned subsidiary of Orthosie post-merger (\"On-Bright Merger\"). As a result, LSC’s 16.5% shares of On-Bright will be sold to Orthosie for an amount equal to the closing price of On-Bright shares as of the date of the transaction in an after-hours block trade. Following this transaction, LSC’s remaining ownership of On-Bright shares will amount to 14.69%.\n\n\nUpon completion of the On-Bright Merger, which requires approval by the shareholders' of On-Bright and from relevant competent authorities, LSC’s remaining shares of On-Bright will be exchanged to NTD230 in cash per share as merger consideration on the record date of the On-Bright Merger. This merger consideration may be subject to adjustment according the merger agreement between Orthosie and On-Bright.\n\n\nIn addition, Diodes today provided an update on the regulatory approvals in both Taiwan and China for the proposed acquisition of LSC by Diodes. Both countries have two anti-trust review procedures – simplified and normal. Initial submissions to both countries were made in September 2019 under the simplified procedure. All subsequent requests for information by the respective agencies in October and November were completed by Diodes in a timely manner. In December of 2019 both c...