Lite-On Technology Corporation (TSEC:2301) made an offer to acquire remaining 50.51% stake in Lite-On Japan Ltd.(JASDAQ:2703) from Silitech Technology Corporation (TSEC:3311), Lite-On Semiconductor Corp. (TSEC:5305) and other sellers for ¥1.5 billion on June 3, 2019. Under the terms, 6.3 million shares were acquired at the price of ¥240 per share. Lite-On Technology will acquire 7.87% stake of Lite-On Japan from Silitech Technology Corporation and Lite-On Semiconductor Corp. As of July 16, 2019, Lite-On Technology completed the acquisition of additional 41.4% stake in Lite-On Japan. As of July 29, 2019, Lite-On Japan received a notice from Lite-On Technology on its request to all Lite-On Japan's shareholders to sell all held common shares of Lite-On Japan to Lite-On Technology as part of a transaction aimed at making Lite-On Japan a wholly-owned subsidiary of Lite-On Technology by acquiring all common shares of Lite-On Japan, since Lite-On Technology has come to own more than 90% of Lite-On Japan's voting rights. Upon completion, Lite-On Japan will become wholly-owned subsidiary of Lite-On Technology. As per the terms, no tangible plan to change the operational and management structure of Lite-On Japan currently.

The transaction has been approved by Board of Directors of Lite-On Technology Corporation. The transaction does not set up condition for minimum tendering shares and If there are remaining outstanding shares of Lite-On Japan at the completion of the tender offer, Lite-On Technology intends to implement the squeeze-out or share consolidation procedure under the Companies Act of Japan, thereby acquiring 100% of the outstanding shares of Lite-On Japan. Lite-On Japan established an independent committee comprising of Yukio Sakamoto, Akito Takahashi and and Shinsuke Hasegawa. The offer will expire on July 16, 2019. As of July 29, 2019, transaction is expected to close on August 27, 2019. Lite-On Technology expects no significant financial impact from this transaction. Nomura Securities Co.,Ltd. acted as tender offer agent in the transaction. Yamada & Partners Consulting Co., Ltd acted as the accountant and Anderson Mori & Tomotsune LPC acted as the legal advisor for Lite-On Japan.