HC Semitek Unveils Preliminary MEMSIC Acquisition Plan

HC Semitek, released a statement Wednesday night stating it acquired leading global Microelectromechanical systems (MEMS) sensor manufacturer MEMSIC.

The LED manufacturer has continued to suspend trade on the Chinese bourse, and so far has released its initial acquisition plan of acquiring the U.S.-based MEMSIC.

According to the statement, HC Semitek subsidiary SPV will be responsible for the takeover negotiations, with the aims of acquiring 100% of MEMSIC shares. SPV will be the main shareholder.

HC Semitek signed a shareholder investment framework agreement with SPV, and submitted the agreement to Shenzhen Stock Exchange. The transaction price will be listed in the company’s forecasted net profits for 2017, and is estimated to be 15 to 20 times above price to earnings ratio. The final transaction price will depend on evaluations from various assessment agencies to confirm the final price.

The acquisition of an international enterprise will require the review and approval from Chinese government agencies related to commerce, National Development and Reform Commission, State Administration of Foreign Exchange and others. 

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