CFIUS has not passed, three security subsidiary of the merger of the company to terminate the 1 billion 500 million

Sanan Optoelectronics (2) yesterday announced that the March 31, 2016 eighth session of the board of directors decided thirty-second resolutions, a wholly owned subsidiary of Xiamen Sanan integrated circuit Co. Ltd. according to the laws of the Cayman Islands to set up a wholly owned subsidiary of its own monetary funds at $226 million (about 1 billion 502 million yuan) acquisition of GCS HOLDINGS INC. (hereinafter referred to as the the "GCS") 100% stake, the two sides signed the "merger agreement and plan", and in April 21, 2016 the company in 2016 second extraordinary general meeting.

GCS was founded in California city in Taiwan torun, the over-the-counter (TPEX) OTC listing, the acquisition is required to obtain jurisdiction by government departments for approval before implementation.

July 30, 2016 learned that the acquisition failed to obtain the approval of the U.S. foreign investment committee. According to the agreement, GCS and three integrated circuit Co. Ltd. Xiamen terminated the merger agreement and signed the "plan", both sides do not exist default liability and default cost.

In view of the two sides are engaged in the development and manufacture of wafer production process, to reach a consensus on cooperation, in order to achieve a win-win goal, the two sides signed a memorandum of understanding. The two sides decided to joint resources jointly funded the establishment of a joint venture company, the main business scope for consumer electronics and mobile device production process, covering mobile phone RF, filter, optical communication chip, power management and new technology development.

The two sides will after the agreement signed memorandum immediately set up relevant details of the joint venture company is discussed, including but not limited to the joint venture feasibility study report, the joint venture contract and the articles of association of the company, a joint venture business cooperation, joint venture production plant siting, lease or construction etc..

For more information about LED, please click on LED network or pay attention to WeChat public account (cnledw2013).