SHANGHAI, Dec. 16, 2013 /PRNewswire/ -- Spreadtrum
Communications, Inc. (NASDAQ:SPRD; "Spreadtrum" or the "Company"),
a leading fabless semiconductor provider in China with advanced technology in 2G, 3G and
4G wireless communications standards, today announced that it has
been informed by Tsinghua Unigroup Ltd. ("Tsinghua Unigroup") that
Tsinghua Unigroup has now obtained all PRC regulatory approvals
required to proceed with its acquisition of Spreadtrum.
As previously announced on July 12,
2013, Spreadtrum and Tsinghua Unigroup entered into a
definitive merger agreement pursuant to which the Company will
become a subsidiary of Tsinghua Unigroup (the "Merger") and each
American depositary share (representing three ordinary shares) will
be converted into the right to receive thirty one U.S. dollars (US$31.00) in cash and each ordinary share will
be converted into the right to receive ten and one-third U.S.
dollars (US$10.33) in cash.
With Tsinghua Unigroup's receipt of regulatory approvals, the
Merger is expected to be completed during the week commencing
December 23, 2013, subject to the
satisfaction or waiver of the conditions set forth in the merger
agreement.
About Spreadtrum Communications, Inc.
Spreadtrum Communications, Inc. (NASDAQ:SPRD; "Spreadtrum") is a
fabless semiconductor company that develops mobile chipset
platforms for smartphones, feature phones and other consumer
electronics products, supporting 2G, 3G and 4G wireless
communications standards. Spreadtrum's solutions combine its highly
integrated, power-efficient chipsets with customizable software and
reference designs in a complete turnkey platform, enabling
customers to achieve faster design cycles with a lower development
cost. Spreadtrum's customers include global and China-based manufacturers developing mobile
products for consumers in China
and emerging markets around the world. For more information, visit
www.spreadtrum.com.
SAFE HARBOR STATEMENT:
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include, without limitation, the statement regarding the
expected timing of the completion of the Merger. The Company uses
words like "believe," "anticipate," "intend," "estimate," "expect,"
"project" and similar expressions to identify forward-looking
statements, although not all forward-looking statements contain
these words. These statements are forward-looking in nature and
involve risks and uncertainties that may cause the actual results
to differ materially from those expressed or implied in these
forward-looking statements. Further information regarding these and
other risks is included in the Company's filings with the SEC.
These forward-looking statements reflect the Company's expectations
as of the date of this press release. The Company assumes no
obligation to update any forward-looking statements, which apply
only as of the date of this press release, and does not intend to
update any forward-looking statement whether as a result of new
information, future events or otherwise except as required by
law.
SOURCE Spreadtrum Communications, Inc.