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HSINCHU, Taiwan , April 7 /Xinhua-PRNewswire-FirstCall/ -- AU OptronicsCorp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) and Quanta Display Inc.("QDI" TAIEX:3012) today announced that they have signed an agreement to merge Quanta Display Inc (QDI) with and into AUO. The merger agreement was approved this afternoon by the Boards of Directors of both AUO and QDI. The consolidation date of the merger is targeted for October 1st, 2006 , at which time QDI will be absorbed into AUO. The merged entity will operate as AUO. The swap ratio for QDI to AUO would be 3.5 to 1, subject to be approved by the shareholders meetings of both AUO and QDI, and to be after AUO's increase of its paid-in capital.
After the merger taken place, two board members of AUO's Boards of Directors will be appointed by QDI. Mr. KY Lee and Mr. HB Chen will remain as Chairman/CEO and President/COO of AUO, while Mr. CC Leung will be appointed as Vice Chairman.
AUO's Board of Directors today also adopted a proposal recommending distribution of NT $0.3 cash dividend and 3 percent stock dividend (30 sharesfor every 1,000 owned) per common share and employee profit sharing in the form of NT$379,735,891 in cash and 88,605,041 in stock shares. The proposal will be discussed and approved at the Company's regular shareholders' meeting, scheduled for June 15, 2006 .
Quanta's Chairman, Mr. Barry Lam stated that the strategic partnership combines the unique complementary strengths of both companies, especially in technology, product mix, customer portfolio, and different generations of manufacturing facilities. It not only creates the economy of scale and enhances the global competitiveness, but also offers an extensive product and technology portfolio as well as better service.
Mr. KY Lee , AUO's Chairman, reiterated that the merger will achieve thefollowing objectives: