SemiLEDs: Shines on stock purchase offer
20/08/2019 22:44
** LED chip maker's shares LEDS.O up 18% at $2.62 after
the bell
** On Aug 17, China-based investor Xian Chang Ma offered to
buy 680,000 shares of SemiLEDs' common stock at $3/share (https://bit.ly/30lHt5h)
** As of Tuesday's close, Ma's offer price represents a
35.1% premium for LEDS shares
** Ma's offer is for about 19% of currently outstanding
shares of SemiLEDs, or 16% after the deal closes upon approval
from LEDS board
** After closing of the sale, LEDS expects to nominate Ma to
co's board
** The offer also considers that SemiLEDs would change the
Chinese name of its main unit from SemiLEDs Optoelectronics Co,
Ltd to SemiLEDs Tengjun Technology Co, Ltd
** Up to Tuesday's close, stock had fallen 17.8% YTD
(Reporting by Shivani Singh)
((ShivaniSingh1@thomsonreuters.com;))