NEW YORK: Spreadtrum agrees to $1.5B buyout from Tsinghua - Business Breaking News

Spreadtrum agrees to $1.5B buyout from Tsinghua

The Associated Press

NEW YORK -- Smartphone chip maker Spreadtrum Communications Inc. has agreed to be acquired by China's Tsinghua Holdings Co. for approximately $1.5 billion.

Spreadtrum is based in Shanghai. Tsinghua is a state-owned corporation funded by China's Tsinghua University.

Tsinghua will pay $31 per American depositary share, a 17 percent premium to Spreadtrum's Thursday closing price of $26.45.

The offer is higher than the preliminary bid of $28.50 per ADS that Spreadtrum said it received from Tsinghua last month.

The companies put the deal's value at about $1.78 billion.

Spreadtrum currently has about 48.5 million outstanding shares, according to FactSet.

The buyout still needs approval from Spreadtrum's shareholders, as well as antitrust and other regulatory approvals. The company's board unanimously approved the deal.

Read more Breaking News - Business stories from the Miami Herald

Industrial overhaul

Explosives will raze old FPL plant in Fort Lauderdale

FPL, contractors detail plans to raze the old power plant at Port Everglades, a demolition job scheduled for early Tuesday morning. 1373688151
UPS says 2Q profit smaller than analysts expected

UPS shares tumbled Friday after it predicted disappointing second-quarter earnings and reduced its profit forecast for the full year.
Lower costs help lift Wells Fargo's 2Q profit

Lower expenses and fewer bad loans helped lift Wells Fargo's second-quarter profit by 20 percent, the company reported Friday.

Get the Miami Herald's Business News
VIA EMAIL

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.