FGC bid to provoke major shareholder dissatisfaction, said the euro 300 million R & D expenses are not valued

According to the British Financial Times reported, the German semiconductor equipment maker Ace (Aixtron) recently released a Chinese capital want to buy Ace with a strong euro 670 million, the largest shareholder of Ace companies expressed dissatisfaction, think the price is too low, the previous investment in the field of RD is near 300 million euro did not reflect its value.

The transaction, funded by the Chinese chip investment fund Fu Jian Grand Investment Fund (FGC), a German subsidiary of Grand Chip Investment, the tender offer is valued at approximately 670 million euros. The company's Chinese businessman Liu Zhendong holdings of the cause, he owns about 51% of the shares of the fund. In addition, the Xiamen investment company Xiamen Bohao Investment shares of FGC49%.

However, one of the major shareholders of Ace strong company, Barry Norris, he is the chief investment officer of Argonaut Capital investment company, the transaction is expressed dissatisfaction and criticism. He questioned the price of the transaction, that the past five years, the shareholders of Ace to spend a strong cost of euros in the development of RD, the transaction price does not meet the interests of shareholders. In addition, he is also concerned that FGC's investment is only an opportunity to bid, if it is other industry buyers to raise the offer, there will be a better deal than the private equity fund buyers. He also questioned the future changes, whether in terms of revenue or profit is still quite unclear.

Argonaut Capital is currently one of the major shareholder of Ace strong, with 9 million 700 thousand strong shares of Ace shares, the shareholding ratio of more than 8%.

In the months before the 2016 Q1 earnings announcement, December 2015 is the famous LED Chinese Dachang forswore Sanan optoelectronics to Ace strong MOCVD equipment orders, Ace was caused by strong stock fell 43%, which is the company's largest customer.

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