"Chartered shareholders have spoken overwhelmingly in favor of the acquisition, and I believe this reflects their recognition that the offer by ATIC provides them with an opportunity to realize their investment," said Jim Norling, chairman of the board of directors at Chartered, in a statement.

The leading shareholder in Chartered is Temasek Holdings, an investment company owned by the government of Singapore.

ATIC made its offer, of about $1.8 billion in cash to Chartered shareholders and worth $3.9 billion after debts and other considerations are taken into account, on Sept. 7. The offer still requires approval by the High Court of Singapore and certain other approvals. Chartered did not provide an expected timetable for completion of the takeover.

"This is another positive step toward the combination of two great companies, Chartered and Globalfoundries," said Ibrahim Ajami, chief executive officer of ATIC, in the same statement. "By bringing together the talent, technology and experience of both companies and supporting it with our long-term philosophy and patient capital, we offer something unique and competitive to customers and partners in this industry."

ATIC is a technology investment company wholly owned by the government of Abu Dhabi. This acquisition is its second major investment in the semiconductor industry and follows the company's March 2009 creation of Globalfoundries, a joint venture with Advanced Micro Devices Inc. headquartered in the United States.

By: DocMemory
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