HONG KONG, April 24 (Reuters) - Dutch semiconductor equipment supplier ASM International said on Monday it
plans to reduce its stake in Asian affiliate ASM Pacific Technology Ltd in a deal that may be worth up to $277
million, according to a term sheet seen by Reuters.
ASM International said in a securities filing it plans to sell 20 million shares of ASM Pacific, equivalent to a 5 percent stake, and use the proceeds for a new share buyback program.
HSBC has been hired as bookrunner for the sale, the filing added, without giving details of the deal. [nASM000AUD]
The company is offersing the shares in a price range of HK$105.00 to HK$107.50 each, equivalent to a discount of up to 8.5 percent to ASM Pacific's closing price of HK$114.80 on Monday, according to the term sheet. That would put the sale at up to HK$2.15 billion ($276.5 million).
ASM Pacific's shares have jumped nearly 40 percent so far in 2017, reaching HK$116.20 on Monday, its highest level in five years, before paring some gains.
($1 = 7.7771 Hong Kong dollars)
(Reporting by Elzio Barreto; Editing by Biju Dwarakanath)
Read more: http://www.nasdaq.com/article/asm-international-plans-up-to-277-mln-selldown-in-asm-pacific-20170424-00250#ixzz4fBaIf8Iu