Temasek accepts 43.6% of issued ordinary shares to date in offer for Stats ChipPAC

By Lisa Kerner

Charlotte, N.C., May 15 - Temasek Holdings (Pte.) Ltd.'s wholly owned subsidiary, Singapore Technologies Semiconductors Pte. Ltd., said a total of 889,906,987 ordinary shares, including ordinary shares represented by American Depository Shares, or 43.6% of the issued ordinary shares, were accepted in its offer for Stats ChipPAC Ltd. as of May 15.

The offer expires on May 18.

A total of 34,544,768 ADSs, representing 345,447,680 ordinary shares, or 16.9% of the issued ordinary shares, were also accepted, according to a schedule 13D filing with the Securities and Exchange Commission.

The offer also includes Stats ChipPAC's outstanding $115 million convertible notes due 2008 and $150 million 2.5% convertible subordinated notes due 2008. No acceptances were received for the convertible notes due 2008, and the company accepted $134.5 million of the 2.5% convertibles.

Under the companies' March 1 agreement, the offer price is S$1.75 in cash for each ordinary share and S$17.502 (about US$11.46) in cash for each ADS. If ordinary shares and ADSs tendered result in Singapore Technologies owning at least 90% of the outstanding ordinary shares in Stats ChipPAC, Singapore Technologies will increase the offer price to S$1.88 per ordinary share or S$18.803 (about US$ 12.32) per ADS.

Temasek Holdings is an investment firm located in Singapore.

Singapore-based Stats ChipPAC provides semiconductor packaging design, assembly, testing and distribution solutions.

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