Chartered shareholders in favour of ATIC takeover

82% approve Abu Dhabi-based Advanced Technology Investment Company offer

Tags: Advanced Technology Investment CompanyChartered Semiconductor ManufacturingMergers and acquisitionsSingaporeUnited Arab Emirates
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Chartered shareholders in favour of ATIC takeover Once the deal is finalised, ATIC will be one of the largest manufacturers of custom microchips.
By  Vineetha Menon Published  November 4, 2009

Advanced Technology Investment Company's (ATIC) $1.8 billion takeover bid for Singapore-based Chartered Semiconductor Manufacturing has got the backing of most of Chartered's shareholders.

The bid was approved by 82.56% of Chartered's shareholders, representing close to 100% of the shares held. However approvals by the Singapore High Court and other entities will need to be obtained before the deal can be finalised. Temasek Holdings, which owns nearly 62% of Chartered's shares, had earlier voiced its support of the offer when the acquisition interest was made public in September.

"Chartered shareholders have spoken overwhelmingly in favor of the acquisition, and I believe this reflects their recognition that the offer by ATIC provides them with an opportunity to realize their investment. While the acquisition still requires other customary approvals, today's vote was an important milestone in the overall process," said Jim Norling, chairman of the board of directors at Chartered.

Chartered is a leading custom-chip manufacturer, best known for making chips for the Microsoft Xbox 360 console.

The deal, which is expected to close by the end of 2009, will make the ATIC one of the largest microchip manufacturers in the world.

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