Taiwan's Yageo has successfully crossed the minimum acceptance threshold in its public tender offer to acquire power management IC designer Anpec Electronics, reaching this milestone ahead of schedule. The achievement marks a significant step forward for Yageo's expansion under Pierre Chen's leadership, solidifying its position in the power management segment.
Early resistance gives way to negotiations
Earlier resistance by Anpec's review committee had cast doubts over the acquisition, criticizing Yageo for not engaging in prior discussions and suggesting the offer price per share left room for improvement. This stance raised speculation about a possible "white knight" intervention to block Yageo's bid. However, industry insiders confirmed that preliminary negotiations had since begun between the two parties, moving toward a mutually agreed deal. Despite these talks, Yageo's exceeding of the minimum share tender effectively settles the acquisition's outcome.
The acquisition of Anpec strengthens Yageo's portfolio, joining MOSFET manufacturer Advanced Power Electronics and PMIC designer uPI Semi as key members of a growing "active-passive component kingdom." This strategy aligns with the company's goal to address increasing market demand driven by AI data centers and electric vehicle applications.
Yageo reached the acceptance level by 10:00 AM on September 30, 2025, with cumulative shares tendered totaling 4,158,718, above the minimum 3,733,000 shares required. The offer price stands at NT$229.8 (US$7.55) per share, representing a 20% premium and approaching Anpec's historical trading high of NT$230.8, affirming the attractiveness of the bid. Yageo will continue to accept shares until 3:30 PM on October 1, 2025. The tender offer is capped at a maximum transaction size of NT$4.89 billion.
Yageo's strategy behind the acquisition
Yageo has framed the public tender offer as a financial investment designed to open communication channels between the two firms, with expectations that the acquisition will foster collaboration on power management platforms. The company's broader ambitions include leveraging Anpec's expertise to enhance its power management capabilities amid evolving industry needs.
Concurrent with the Anpec acquisition, Yageo is progressing with the acquisition of Shibaura Electronics, a Japanese NTC thermistor manufacturer. Although the Shibaura deal faced challenges, it ultimately gained public endorsement from the target company. The tender offer period for Shibaura closes on October 3, 2025, and Yageo aims to complete integration before the end of the fourth quarter of 2025. This, alongside the Anpec acquisition, reflects Yageo's continued efforts to consolidate its position in both active and passive electronic components sectors.
Article edited by Jerry Chen
