Photronics Announces Intent to Acquire Outstanding Shares of its Majority Owned Taiwan Subsidiary, PSMC
The Board of Photronics Semiconductor Mask Corporation (“PSMC”), a
majority-owned subsidiary of Photronics,
Inc. (NASDAQ:PLAB), earlier today approved the filing of an
application for the voluntary delisting of its stock from Taiwan's
GreTai Securities Market (“GTSM”). After approval from the GTSM,
Photronics intends to launch a tender offer to acquire the remaining
outstanding shares of PSMC. Each of the delisting and the tender offer
process is subject to various regulatory approvals and is anticipated to
be completed over the next four to six months. The transaction is
estimated to cost Photronics in the aggregate up to approximately $25 to
$30 million. Photronics currently owns 75% of the outstanding shares of
PSMC.
About Photronics
Photronics
is a leading worldwide manufacturer of photomasks.
Photomasks are high precision quartz plates that contain microscopic
images of electronic circuits. A key element in the manufacture of
semiconductors and flat panel displays, photomasks are used to transfer
circuit patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and optical
components. They are produced in accordance with product designs
provided by customers at strategically located manufacturing facilities
in Asia, Europe, and North America. Additional information on the
Company can be accessed at www.photronics.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements made by or on behalf of
Photronics, Inc. and its subsidiaries (the Company). The forward-looking
statements contained in this press release and other parts of
Photronics’ web site involve risks and uncertainties that may affect the
Company’s operations, markets, products, services, prices, and other
factors as discussed in filings with the United States Securities and
Exchange Commission. These risks and uncertainties include, but are not
limited to, economic, competitive, legal, governmental, and
technological factors. Accordingly, there is no assurance that the
Company’s expectations will be realized. The Company assumes no
obligation to provide revisions to any forward-looking statements.
05-2013
