Three Ann photoelectric yesterday (2), according to the announcement by March 31, 2016, the board of directors of the company of the eighth 32 time resolution, decided to xiamen city three Ann integrated circuit co., LTD., a wholly owned subsidiary company organized under the laws of the cayman islands a wholly owned subsidiary in its own currency capital of $226 million (RMB 1.502 billion) acquisition of GCS HOLDINGS, INC. (hereinafter referred to as the "GCS") 100% stake, the two sides signed the merger agreement and the plan, and get on April 21, 2016, the company in 2016 for the second time the extraordinary shareholders' general meeting examined and approved.
GCS founded in torun, California, USA, Hong Kong, in Taiwan (TPEX) representation of an over-the-counter securities market, the acquisition matters subject to the jurisdiction of the government department for examination and approval by before implementation.
On July 30, 2016, aware that the buy-out issue failed to get through for examination and approval of the committee on foreign investment in the United States. According to the agreement, integrated circuit co., LTD. Xiamen city three Ann with GCS terminate the signing of the merger agreement and plan, both sides does not exist for breach of contract and bear the cost of default.
Given that both parties engaged in the development of wafer production technology and manufacturing, agree on cooperation, to achieve the win-win purpose, the two sides signed the memorandum of understanding. The two sides agreed to jointly set up a joint venture invested resources, scope of business mainly for consumer electronics and mobile device manufacturing process, covering mobile radio frequency (rf), filter, optical communication chip, power management and new technology development, etc.
Immediately after the two sides will in this memorandum agreement signing a like to discuss the details of the joint venture, including but not limited to the joint venture company feasibility study report, the joint venture contract and articles of association of the joint venture company, business cooperation mode, the location of the joint venture company, the production workshop leasing or construction.
