Advanced Technology Investment Company LLC (ATIC) of Abu Dhabi and Chartered Semiconductor Manufacturing announced that ATIC’s acquisition of Chartered becomes effective today, on Thursday.
ATIC made its acquisition by way of a scheme of arrangement under section 210 of the Companies Act of Singapore (the scheme), and Chartered ordinary shareholders approved the acquisition last month. As all the requisite regulatory approvals and conditions precedent have been received, a copy of the order of the High Court sanctioning the scheme was lodged with the Accounting and Corporate Regulatory Authority of Singapore today, making the acquisition
“With the approval process behind us, we will now focus our attention on combining two great companies, Chartered and Globalfoundries. Customers have told us they are excited about the combination of technology, talent and capacity this new entity will bring to the marketplace. We share their enthusiasm,” said Ibrahim Ajami, chief executive officer of ATIC.
The American Depositary Share (“ADS”) program of Chartered will be terminated with effect from today and the ADSs will cease trading. Chartered is scheduled to be delisted from the Nasdaq on December 28, 2009 and the Singapore Stock Exchange on December 29, 2009, and will be deregistered from the U.S. Securities and Exchange Commission in due course. The date for payment to shareholders is scheduled for December 28, 2009.
As a result of the transaction, Globalfoundries, a joint-venture between ATIC and Advanced Micro Devices, will absorb Chartered Semiconductor Manufacturing into the operations, which will transform GF into one of the world’s leading semiconductor companies.