The board of Taiwan's United Microelectronics Corporation UMC yesterday agreed to approach shareholders for approval of an acquisition of the holding company of He Jian Technology Suzhou. He Jian's shareholders, representing 85% of the issued equity, will be offered $285 million in cash or an equivalent value of UMC common stock or American depositary shares. A 15% stake in He Jian, which is lying in escrow for UMC, is not included in the valuation.
He Jian is closely held and no details were available either of its shareholding structure or the debt on its books. A semiconductor foundry that started business in 2001, it operates an 8-inch fab in Suzhou in...
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