Chinese investment fund to launch offer for Aixtron
German semiconductor deposition firm Aixtron and Grand Chip Investment GmbH, a 100 percent indirect subsidiary of Fujian Grand Chip Investment Fund LP have entered into an agreement to take over Aixtron.
Fujian Grand Chip Investment Fund is a Chinese investment fund; 51 percent of which is held by the Chinese business man Zhendong Liu and 49 percent by Xiamen Bohao Investment Ltd.
Under the terms of the agreement, Aixtron shareholders will be offered â‚¬6.00 in cash per each ordinary share. The transaction values Aixtron's equity, including net cash, at approximately â‚¬670 million and reflects a 50.7 percent premium to the three-month volume weighted average share price prior to announcement.
The offer shall be subject to certain closing conditions, including regulatory approvals and a minimum acceptance threshold of 60 percent of all of Aixtron's outstanding shares.
The agreement sets out the purpose and the principal terms of the transaction with FGC and the future strategy. FGC intends to support Aixtron's strategy going forward.
R&D competency and Aixtron's existing technology shall be maintained at the existing technology centers. FGC has also agreed that Aixtron shall further strengthen its technology and IP Portfolio, which shall remain vested with Aixtron, including in Germany.
Aixtron's existing global set up will be maintained and expanded with Aixtron's three technology hubs in Herzogenrath (Germany), Cambridge (UK) and Sunnyvale (USA). Further international technology hubs may be established. Aixtron's legal domicile and headquarters shall remain in Herzogenrath, Germany.
In the event the takeover is successful, Martin Goetzeler is to remain CEO of Aixtron and Dr. Bernd Schulte is to remain in his function as COO. Following a successful closing of the transaction it is anticipated that Grand Chip Investment will nominate four candidates to the six-member Supervisory Board.