Philips announces filing by TSMC of registration statement for TSMC stock offering
Amsterdam, The Netherlands and Hsinchu, Taiwan – Royal Philips Electronics (NYSE:PHG, AEX:PHI) and Taiwan Semiconductor Manufacturing Company Ltd (TAIEX: 2330, NYSE: TSM) today jointly announced that TSMC has filed a registration statement with the U.S. Securities and Exchange Commission in connection with an offering of TSMC shares held by Philips.
The contemplated offering of TSMC shares would form part of the multi-phased plan to facilitate an orderly exit by Philips from its shareholding in TSMC announced by Philips and TSMC on March 9, 2007. The offering is subject to all necessary regulatory approvals and to market conditions.
The offering would involve 1.2 billion TSMC common shares in the form of 240 million American Depository Shares, with a value of approximately USD 2.5 billion based on the market price for TSMC shares on May 7, 2007. Currently, Philips holds approximately 3.3 billion TSMC shares representing approximately 12.8 percent of TSMC shares. This total stake is worth approximately USD 6.7 billion at current market prices.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.