ProMOS says 70% of CB holders support tender

With three days to go before the end of its convertible bond buyback tender, ProMOS Technologies said yesterday that 70% of the bondholders have indicated their support for the offer. While still short of the required acceptance rate of 79%, it is close enough to suggest a real possibility that the deal will go through -- especially since sources say there are verbal indications that some tender instructions submitted in recent days haven't yet been officially recorded.

To help the offer along, ProMOS has extended the deadline for getting the early tender premium until 2pm London time on March 21, which is also the time when the entire offer expires. The Taiwan-based memory-chip...