STATS ChipPAC potential bidder drops out

Only bidder left says there is low likelihood of reaching agreement in the next 3 months.

A trading halt was announced on the SGX after Tianshui Huatian Technology has decided to terminate its plans of acquiring STATS ChipPAC.

Jiangsu Changjiang Electronics Technology Co., Ltd, is the only potential bidder left, but the company has also cautioned that its discussions with STATS ChipPAC are still at a preliminary stage and that it estimates that there is a low likelihood of reaching any definitive agreement for the acquisition of the company within the next three months.

Due to these events, share prices of STATS ChiPAC dropped nine Singapore cents to S$0.605.

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