Philips announces pricing of TSMC ads offering
Amsterdam, The Netherlands – Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced that its secondary offering of 1.2 billion common shares in the form of American Depositary Shares (‘ADSs’) in Taiwan Semiconductor Manufacturing Company Ltd. (“TSMC”) (TAIEX: 2330, NYSE: TSM) has been priced at USD 10.68 per ADS. Each ADS represents five TSMC common shares.
This offering of TSMC shares on the New York Stock Exchange forms 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.
Philips expects to receive net proceeds of approximately EUR 1,840 million after closing of this transaction, and expects to book a total non-taxable gain of approximately EUR 1,220 million in its financial results for the second quarter. Upon closing, which is scheduled for May 23, 2007, Philips will retain a holding of approximately 2.1 billion TSMC shares.
Philips also announced it has sold its remaining stake of approximately 2.5% of the issued share capital in US-based JDS Uniphase Corp (NASDAQ: JDSU). This transaction will result in a one-time financial loss of approximately EUR 10 million in Philips’ results for the second quarter.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.