Taiwan's Fair Trade Commission (FTC) has approved the planned acquisition of Taiwan-based Hermes Microvision (HMI) by Netherlands-based ASML, stating the deal complies with fair trade rules and regulations set by the government.
ASML's semiconductor lithography equipment and HMI's electron beam (e-beam) inspection tools are applied to different stages of manufacturing, and therefore cannot be substituted for each other, the FTC said. The motive of the merger is diversification, it concluded.
ASML has agreed to acquire all outstanding shares of HMI for about NT$100 billion (US$3.1 billion). The transaction will entitle each HMI shareholder to receive NT$1,410 per share in cash.
Also as part of the deal reached between ASML and HMI, Hermes-Epitek (HEC), HMI's largest shareholder, and certain HMI officers will use part of the proceeds from the sale of their HMI shares to subscribe to 5.9 million new ASML shares at NT$3,106 per share via private placement.
ASML's HMI acquisition is expected to close in the fourth quarter of 2016.
Article translated by Jessie Shen
