Acer said it has purchased up to 80.68% of Gateway's outstanding common shares as of October 1 and that it is extending the deadline for the company's tender offer to October 10 to allow the US Committee on Foreign Investment to complete a review of the deal. The company also stated that it won't pursue an acquisition in China for the time being.
With the extension of the tender offer, Acer is expected to be able to acquire up to 90% of Gateway's outstanding shares and therefore, may not be required to launch a top up share offer to help complete the planned acquisition of Gateway, said Acer chairman JT Wang.
Gateway previously agreed to launch a top up share issue to help Acer facilitate its acquisition process should Acer be able to acquire up to 74.6% of Gateway's outstanding shares during the announced tender offer period, Wang noted.
In response to market rumors stating that Acer may launch another acquisition to boost its market share in China, Wang said that Acer won't pursue any acquisition projects in China at least for the next six to nine months, although an acquisition would be a practical strategy to expand business in the future.
Article translated by Steve Shen and edited by Eric Mah
