Contact Information: Singapore Contact: Tham Kah Locke Tel: (65) 6824 7635 Fax: (65) 6720 7826 email: Email Contact US Contacts: Drew Davies Director, Investor Relations Tel: (408) 586 0608 Fax: (408) 586 0652 email: Email Contact The Ruth Group David Pasquale Executive Vice President Tel: (646) 536 7006 email: Email Contact Lisa Lavin Marcom Manager Tel: (208) 939 3104 Fax: (208) 939 4817 email: Email Contact
Voluntary Conditional Cash Offer for STATS ChipPAC Ltd.
| Source: STATS ChipPAC
UNITED STATES -- (MARKET WIRE) -- February 28, 2007 -- SINGAPORE -- 3/1/2007 -- STATS ChipPAC Ltd.
("STATS ChipPAC" or the "Company") (NASDAQ : STTS ) and (SGX-ST: STATSChP), a
leading independent semiconductor test and advanced packaging service
provider, confirmed that an announcement (the "Goldman Sachs Announcement")
was made by Goldman Sachs (Singapore) Pte ("Goldman Sachs"), for and on
behalf of Singapore Technologies Semiconductors Pte Ltd (the "Offeror"), a
wholly-owned subsidiary of Temasek Holdings (Private) Limited, that subject
to certain terms and conditions as set out in the Goldman Sachs
Announcement, the Offeror intends to make a voluntary conditional cash
offer (the "Offer") as set out in the Goldman Sachs Announcement.
A copy of the Goldman Sachs Announcement is publicly available on the
Singapore Stock Exchange website (www.sgx.com.sg).
Details of the terms and conditions of the Offer are set out in the Goldman
Sachs Announcement.
The Board will be appointing an independent financial adviser to advise the
Directors of the Company who are regarded as independent for the purposes
of the Offer under the Singapore Code on Take-overs and Mergers (the
"Independent Directors"). A circular containing the advice of the
independent financial adviser and the recommendation of the Independent
Directors will be sent to the Shareholders after the dispatch of the Offer
document to be issued by the Offeror. In the meantime, the Shareholders of
the Company are advised to exercise caution when dealing in their shares in
the Company or otherwise taking any action in relation to their shares in
the Company which may be prejudicial to their interests.
The directors of the Company (including those who may have delegated
detailed supervision of this Announcement) have taken all reasonable care
to ensure that the facts stated and all opinions expressed in this
Announcement are fair and accurate and that no material facts have been
omitted from this Announcement, and they jointly and severally accept
responsibility accordingly. Where any information has been extracted from
published or otherwise publicly available sources (including, without
limitation, the Goldman Sachs Announcement), the sole responsibility of the
directors of the Company has been to ensure through reasonable enquiries
that such information has been accurately and correctly extracted from such
sources or, as the case may be, accurately reflected or reproduced in this
Announcement.
For the avoidance of doubt, the directors of the Company would like to
inform the Shareholders that the Company and its directors take no
responsibility for the contents of the Goldman Sachs Announcement.
Forward Looking Statements
Certain statements in this release, including statements regarding expected
future financial results and industry growth, are forward-looking
statements that involve a number of risks and uncertainties that could
cause actual events or results to differ materially from those described in
this release. Factors that could cause actual results to differ include
general business and economic conditions and the state of the semiconductor
industry; level of competition; demand for end-use applications products
such as communications equipment and personal computers; reliance on a
small group of principal customers; decisions by customers to discontinue
outsourcing of test and packaging services; continued success in
technological innovations; availability of financing; delays in acquiring
or installing new equipment; our substantial level of indebtedness;
potential impairment charges; ability to develop and protect our
intellectual property; intellectual property rights disputes and
litigation; capacity utilization; limitations imposed by our financing
arrangements which may limit our ability to maintain and grow our business;
pricing pressures including declines in average selling prices; changes in
customer order patterns; shortages in supply of key components; disruption
of our operations; loss of key management or other personnel; defects or
malfunctions in our testing equipment or packages; changes in environmental
laws and regulations; exchange rate fluctuations; regulatory approvals for
further investments in our subsidiaries; significant ownership by Temasek
Holdings (Private) Limited (Temasek Holdings) that may result in
conflicting interests with Temasek Holdings and our affiliates; our ability
to successfully integrate the operations of former STATS and ChipPAC and
their employees; labor union problems in South Korea; uncertainties of
conducting business in China; unsuccessful acquisitions and investments in
other companies and businesses; and other risks described from time to time
in the Company's SEC filings, including its annual report on Form 20-F
dated February 28, 2006. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.