Argonaut Capital's Barry Norris has written an open letter to Siltronic saying that the takeover by GlobalWafers should not go ahead given that "the premium offered is a very modest 11%".
GlobalWafers announced on 29 November that it was in final talks to acquire Germany-based Siltronic AG in a €3.8bn deal. At €125 per share, Siltronic said the "offer price represents a premium of 48% above the volume-weighted average XETRA price over the last 90 days" and that its executive board considered the offer "attractive and appropriate," However, Barry Norris, CEO and fund manager at Argonaut Capital, has said this claim is misleading and raised concerns about minority shareholders being "corralled into selling". He said: "The undisturbed share price of Siltronic prior to any...
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