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Hon Hai Subsidiary Acquires 50.07% Stake in Teleeye.

M2 EQUITYBITES-April 18, 2016-Hon Hai Subsidiary Acquires 50.07% Stake in Teleeye

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18 April 2016 - Taiwan-based electronics manufacturer Hon Hai Precision Industry Co Ltd's (TPE: 2317) Foxconn (Far East) Ltd subsidiary has acquired 50.07% of Taiwan IT firm Teleeye Holdings, the company said.

Recently, Hon Hai paid HK 0.55 per share, or a total of HKD 240,333,055 (USD 30.098m). The company bought the stake from Fast Upgrade Ltd.

Hon Hai will now make a public tender offer for the remaining shares in the company. The offer price is HKD 0.55 per share, representing a discount of about 5.17% to the closing price of HKD 0.58.

The total consideration of the offer would be HKD 229.8m (USD 29.63m).

Hon Hai Precision Industry, which trades as Foxconn Technology Group, is a multinational electronics contract manufacturing company.

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Date:Apr 18, 2016
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