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Technology Stocks : Alliance Semiconductor
ALSC 0.8100.0%Jul 10 5:00 PM EST
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To: AJ Berger who wrote (5256)7/5/1999 9:38:00 PM
From: Chi Pan  Read Replies (1) of 9582
 
from the new 10-k, hope that answers it all:

In June 1999, UMC announced plans to merge four semiconductor wafer foundry units, USC, USIC, United Integrated Circuit
Corporation and UTEK Semiconductor Corporation, into UMC, a publicly-traded company in Taiwan. According to the proposed terms
of the merger, Alliance will receive 247.7 million shares of UMC stock for its 247.7 million shares or 14.76% ownership of USC and
approximately 35.6 million shares of UMC stock for its 48.1 million shares or 3.2% ownership of USIC. UMC has indicated that they
expect to have approximately 8.8 billion shares outstanding as of the closing date of the merger. Based on June 14th's closing price for
UMC shares of NTD 67.50, and the then current U.S. dollar exchange rate of 32.36, the estimated value of these investments is
approximately $589 million. At March 31, 1999 the book value for these investments was approximately $94 million excluding deferred
tax liabilities and cumulative translation adjustments relating to the investment in USC. The merger is subject to shareholders and
government approval and is expected to close before the end of 1999. The UMC shares received by Alliance are expected to be subject
to a six-month "lock-up" or no trade period before the shares become freely tradable in Taiwan.
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