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LITEON Technology (2301.TW) announced that its tender offer for U‑MEDIA (6470.TWO) was approved by U‑MEDIA’s Audit Committee on February 4. The committee stated that the tender offer terms and the funding arrangements proposed by LITEON were assessed to be fair and reasonable. U‑MEDIA’s Chairman and President, Mr. Yuan Yun-Chung, who has signed a tender share agreement and therefore holds a personal interest in the transaction, recused himself from the board’s discussion and voting in accordance with conflict‑of‑interest avoidance guidelines. All other board members expressed their agreement with proceeding with the tender offer. The committee nevertheless advises shareholders to carefully review the risks associated with tendering or not tendering as described in the tender offer prospectus and make an independent decision regarding their participation.
LITEON will continue its tender offer to acquire 100% of U‑MEDIA’s outstanding shares until March 12, at an offer price of NT$54 per share. Shareholders who wish to participate and have questions regarding the tender process may contact the appointed tender agent, Yuanta Securities, via the tender offer inquiry hotline at (02) 2586‑5859 or visit the Yuanta Securities website at: http://www.yuanta.com.tw.
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