Reuters 21 June 2013
Chinese cellphone chip designer Spreadtrum Communications Inc said it received a $1.38 billion buyout proposal from a unit of government-owned Tsinghua Holdings Co Ltd.
The offer of $28.50 per American depository share represents a premium of 28 percent to Spreadtrum’s Thursday closing price on the Nasdaq.
Spreadtrum said its board is evaluating the proposal.
The company develops chips for smartphones, feature phones and other consumer electronics products, supporting 2G, 3G and 4G wireless communications standards.
Spreadtrum, which gets most of its sales from China and Korea, counts HTC Corp and Samsung Electronics among its customers.
Lower-priced smartphones are popular in Asia and are expected to drive growth in the mobile handsets market as the United States reaches saturation.
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Spreadtrum gets $1.38 billion buyout offer from China’s Tsinghua Holdings
