Business Electronics

Chinese group proposes a $1.67 Billion buyout offer to US chipmaker, OmniVision

ov10823 - media image copy
Share on Facebook
Tweet about this on TwitterShare on Google+Share on StumbleUponShare on LinkedInPin on PinterestShare on Reddit

ov10823 - media image copy

A group of investors, led by China’s Hua Capital Management have proposed a $1.67 Billion buyout offer to US Chipmaker, OmiVision Technologies, the company revealed.

The proposed offer price of $29 per share in cash values OmniVision at $1.67 billion and represents a premium of 17.9 percent to the stock’s Wednesday close. This news, helped OmniVision’s shares to rise to a record high of $28.34 in early trading in NASDAQ.

The company, revealing more on the investors in the group, said that th investment group includes state-owned Shanghai Pudong Science and Technology Investment Co Ltd.

OmniVision manufactures chips for various smartphones, including Apple’s iPhone.

The company which competes with the likes of Sony and Samsung in this segment, has seen increased penetration within China’s rapidly growing smartphone market. The company reported better-than-expected fourth-quarter profit and revenue in May.

via <Re/code>

Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.


Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *