Siltronic AG : Bid from GlobalWafers: Industrial logic makes perfect sense but price far too low, in our view
>Offer of € 125 per share from GlobalWafers - Yesterday, Siltronic announced that it was in an advanced stage of negotiation, close to final discussions, to conclude a merger deal with GlobalWafers (Taiwanese competitor). We understand that the two management teams have been in talks for several months. Siltronic expects GlobalWafers to make an offer to shareholders at a price of € 125 per share. Moreover, the management board intends to pay a dividend in line with it...Siltronic AG is a Germany-based producer of hyperpure silicon wafers. The Company offers polished wafers, epitaxial wafers and annealed wafers, among others. Its products are used for semiconductor components, including high-voltage applications, low resistivity devices in automotive engineering and telecommunications, as well as integrated microprocessors and memory modules for information processing in cell phones, laptops and other consumer goods. The Company also produces high reflectivity (HiREF) wafers, as well as PowerFZ wafers for power applications and Ultimate Silicon for complementary metal-oxide semiconductor (CMOS) applications. It operates production facilities in Europe, Asia and the United States.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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