Diodes Incorporated Reiterates Plan to Close Lite-On Semiconductor Acquisition in 2020
23 März 2020 - 09:34PM
Business Wire
Diodes Incorporated (Nasdaq: DIOD) today provided the following
update related to the status of its proposed acquisition of Lite-On
Semiconductor (TWSE: 5305) (“LSC”) that was announced on August 8,
2019. As approved by the Board of Directors of both LSC and Diodes,
the Outside Date included in the Share Swap Agreement has been
updated from May 31, 2020 to December 31, 2020 and is consistent
with the previously communicated anticipated close date of the
second half of 2020. The amendment was enacted to accommodate the
review schedule of the relevant Chinese authorities and associated
operational processes that will need to be completed. As stated
previously, Diodes remains confident the transaction will close as
planned once the final regulatory approvals have been secured.
About Diodes incorporated
Diodes Incorporated (Nasdaq: DIOD), a Standard and Poor’s
SmallCap 600 and Russell 3000 Index company, delivers high-quality
semiconductor products to the world’s leading companies in the
consumer electronics, computing, communications, industrial, and
automotive markets. Diodes leverages our expanded product portfolio
of discrete, analog, and mixed-signal products and leading-edge
packaging technology to meet customers’ needs. Our broad range of
application-specific solutions and solutions-focused sales, coupled
with worldwide operations of 25 sites, including engineering,
testing, manufacturing, and customer service, enables us to be a
premier provider for high-volume, high-growth markets. For more
information visit www.Diodes.com.
Forward-Looking Statement
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: Any statements set forth herein that are not
historical facts are forward-looking statements that involve risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such
forward-looking statements include, but are not limited to, the
following: the expected benefits of the acquisition, including the
acquisition being immediately accretive; the efficiencies, cost
savings, revenues, and enhanced product offerings, market position,
and design and manufacturing capabilities of Diodes after the
acquisition; and other statements identified by words such as
“estimates,” “expects,” “projects,” “plans,” “will,” and similar
expressions.
Potential risks and uncertainties include, but are not limited
to, such factors as: the possibility that the transaction may not
be consummated, including as a result of any of the conditions
precedent; the risk of superior acquisition proposal from other
parties; the risk of Diodes being unable to obtain sufficient
financing from lenders to complete the acquisition; the risk of
global market downturn conditions and volatilities impacting the
completion of the acquisition or the funding; the risk that such
expectations may not be met; the risk that the expected benefits of
the acquisition may not be realized or that integration of the
acquired business may not be as rapid as we anticipate; the risk
that Lite-On’s business will not be integrated successfully into
Diodes’; the risk that the expected benefits of the acquisition may
not be realized, including the realization of the accretive effect
of the acquisition; the risk that Lite-On’s standards, procedures,
and controls will not be brought into conformance within Diodes’
operation; difficulties coordinating Diodes’ and Lite-On’s new
product and process development, hiring additional management and
other critical personnel, and increasing the scope, geographic
diversity, and complexity of Diodes’ operations; difficulties in
consolidating facilities and transferring processes and know-how;
difficulties in reducing the cost of Lite-On’s business; the
diversion of our management’s attention from the management of our
business; Diodes may not be able to maintain its current growth
strategy or continue to maintain its current performance, costs,
and loadings in its manufacturing facilities; risks of domestic and
foreign operations, including excessive operation costs, labor
shortages, higher tax rates, and Diodes’ joint venture prospects;
the risk that we may not be able to increase our automotive,
industrial, or other revenue and market share; the risks of
cyclical downturns in the semiconductor industry and of changes in
end-market demand or product mix that may affect gross margin or
render inventory obsolete; the risk that our future outlook or
guidance may be incorrect; unfavorable currency exchange rates; the
risks of global economic weakness or instability in global
financial markets; the risks of trade restrictions, tariffs, or
embargoes; the risk of breaches of our information technology
systems; and other information, including the “Risk Factors”
detailed from time to time in Diodes’ filings with the United
States Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200323005671/en/
Company Contact: Diodes Incorporated Laura Mehrl Director,
Investor Relations P: 972-987-3959 E: laura_mehrl@diodes.com
Investor Relations Contact: Shelton Group Leanne K. Sievers,
President P: 949-224-3874 E: lsievers@sheltongroup.com
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