NAM TAI unsuccessful in proposed privatization of its two subsidiaries listed on the Hong Kong Stock Exchange
Dec 06, 2005
Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE: NTE) announced the closing (the "Closing Date") of the conditional general cash offers to privatize two of its subsidiaries which are listed in Hong Kong, Nam Tai Electronic & Electrical Products Limited ("NTEEP") and J.I.C. Technology Company Limited ("JIC").
As at the Closing Date, Nam Tai had received valid acceptances in respect of 176,327,300 NTEEP shares and 171,827,370 JIC shares, which represented approximately 69.81% of the public float shares of NTEEP and approximately 79.31% of the public float shares of JIC, respectively. Since the Company was not able to acquire 90% of the public float shares of NTEEP and JIC, respectively, the condition of the offers have not been fulfilled, and therefore, the proposed privatizations of both NTEEP and JIC were not successful. As a result, both NTEEP and JIC will continue to maintain their listing status on the Hong Kong Stock Exchange.