Shareholders of both Advanced Semiconductor Engineering (ASE) and Siliconware Precision Industries (SPIL) have approved the companies' plan to merge under a new holding company.

Both ASE and SPIL held their extraordinary shareholders meetings yesterday (February 12) to vote on their merger plan, which had already received all the necessary regulatory approvals from related authorities including those in China and the US.

The shareholders of ASE and SPIL have agreed the establishment of ASE Industrial Holding, a parent holding company that will own ASE through a share swap and acquire SPIL in an all-cash deal.

After transferring ownership to the holding company, ASE and SPIL will still be able to retain their names, management teams and employees, and run operations independently.

ASE Industrial Holding will start trading its shares on the Taiwan Stock Exchange and the New York Stock Exchange on April 30, while shares of ASE and SPIL will be delisted.

In addition, ASE chairman Jason Chang has been elected chairman of ASE Industrial Holding. ASE vice chairman and president Richard Chang has been elected vice chairman of the new entity.

By: DocMemory
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