OmniVision agrees to become Chinese

May 06, 2015 //By Peter Clarke
OmniVision agrees to become Chinese
China will gain control of the third largest vendor of CMOS image sensors through a deal engineered by Beijing-based private equity firms, unless the takeover is thwarted by US regulatory bodies.

The board of directors of OmniVision Technologies Inc. (Santa Clara, Calif.) has voted unanimously to accept an offer from a Chinese consortium to buy the company for about $1.9 billion in cash; or $29.75 per share.

OmniVision received an unsolicited offer from the consortium of $29 a share in August 2014, that valued the company at about $1.64 billion (see ). The company's management has said nothing over the intervening eight months except to say it was evaluating the offer.

The consortium is led by Hua Capital Management Co. Ltd. and includes CITIC Capital Holdings Ltd and Gold Stone Investment Co. Ltd.

Shaw Hong, CEO of OmniVision, is expected to remain in post and the transaction is expected to close in the second half of fiscal year 2016 the company said – that is sometime between November 1, 2015 and April 30, 2016.

The deal is subject to approval by OmniVision shareholders and regulatory approvals including antitrust review in the U.S. and the People's Republic of China, clearance by the Committee on Foreign Investment in the U.S., clearance or approval under applicable Taiwan law, and other customary closing conditions. In order to obtain clearance or approval under applicable Taiwan law, OmniVision will divest certain of its investments in Taiwan, including certain of its interests in a joint venture.

"We are pleased to have reached this agreement, which we believe realizes significant value for our stockholders and offers new opportunities for our employees to develop more innovative solutions for customers." said Shaw Hong, chairman and CEO of OmniVision. "Our board unanimously concluded that partnering with Hua Capital Management, CITIC Capital and GoldStone Investment was the best choice for OmniVision, as this transaction will provide our stockholders with significant and immediate cash value. Further, Hua Capital Management, CITIC Capital and GoldStone Investment are highly regarded China-based private equity firms with deep experience in the semiconductor industry. With our new partners' knowledge

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