Chartered Semiconductor shareholders say yes to merger with ATIC

By Lisa Kerner

Charlotte, N.C., Nov. 4 - Chartered Semiconductor Manufacturing Ltd. shareholders voted "overwhelmingly" in favor of the company's acquisition by Advanced Technology Investment Co. LLC at a special meeting on Wednesday, according to a news release from the companies.

"We want to thank Chartered shareholders for their careful consideration, participation, and support, as we believe this offer enables Chartered to accelerate its goal of becoming a leading player in the semiconductor industry," Chartered chairman Jim Norling said in the release.

Chartered agreed in September to be acquired by ATIC for S$2.68 per share in a scheme of arrangement under Singapore law.

Each of Chartered's American Depositary Shares will be exchanged for an estimated $18.641.

As previously reported, the transaction is valued at $3.9 billion including debt and is expected to close in the fourth quarter pending additional approvals.

ATIC, a technology investment company owned by the government of Abu Dhabi, created GlobalFoundries Inc., a Sunnyvale, Calif., semiconductor manufacturer, in March 2009 in a joint venture with Advanced Micro Devices Inc. Chartered will be combined with GlobalFoundries.

As already noted, GlobalFoundries chief executive officer Doug Grose will be the CEO of the combined company. Chartered CEO Chia Song Hwee will be the chief operating officer.

Chartered is a Singapore-based company that provides wafer fabrication services and technologies to semiconductor suppliers and systems companies primarily in North America, Europe and Asia.

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