Montage receives unsolicited offer

A Chinese state-owned company has offered to acquire Shanghai-based, fabless chipmaker Montage Technology Group for roughly USD 600 million, or USD 21.5 per share.
Montage Technology Group received a preliminary non-binding proposal letter from Shanghai Pudong Science and Technology Investment Co., Ltd. (“PDSTI”), a wholly state-owned limited liability company directly under Pudong New Area government of Shanghai. According to the proposal letter, PDSTI proposed to acquire all of Montage’s outstanding ordinary shares at a price of US$21.5 in cash per ordinary share.

The Board is reviewing and evaluating PDSTI’s proposal. No decision has been made with respect to Montage’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

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