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Grand Chip Investment GmbH Lowers Minimum Acceptance Threshold in Aixtron Offer.

M2 EQUITYBITES-October 7, 2016-Grand Chip Investment GmbH Lowers Minimum Acceptance Threshold in Aixtron Offer

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7 October 2016 - Chinese investment fund Grand Chip Investment GmbH has amended the minimum acceptance condition in connection with its voluntary public takeover offer to the shareholders of German chipmaker Aixtron (NASDAQ: AIXG), the company said.

The minimum acceptance threshold specified in the company's offer corresponds to an acceptance quota of at least 60% of the total number of 112,720,355 Aixtron shares.

As of 6 October at 08:00 am ET, the takeover offer had been accepted for a total of 49,518,610 Aixtron shares. This corresponds to approximately 43.90% of the Aixtron's share capital and the existing voting rights of Aixtron.

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With this latest move, Grand Chip Investment has lowered the minimum acceptance threshold to an acceptance quota of at least 50.1% of the 112,720,355 Aixtron shares issued on 23 May 2016, the date the company published its decision to make the takeover offer.

Also, the acceptance period has been extended by two weeks. It had been set to expire on 7 October.

Chinese investment fund Grand Chip Investment GmbH's takeover offer has been accepted for a total of shares representing approximately 16.58% of the Aixtron share capital and the existing voting rights of German chipmaker Aixtron, the company said.

The minimum acceptance threshold specified in the company's offer corresponds to an acceptance quota of at least 60% of the total number of 112,720,355 Aixtron shares.

In May, Grand Chip Investment proposed to buy Aixtron for EUR 6.00 per tendered share in cash. This equates to around EUR 670 (USD 748.72m).

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Publication:M2 EquityBites (EQB)
Date:Oct 7, 2016
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