Taiwan's UMC pursues China's He Jian

United Microelectronics announces a plan to buy He Jian Technology for $285 million in cash, but the deal is yet to secure regulatory approval.

The board of Taiwan's United Microelectronics Corporation UMC yesterday agreed to approach shareholders for approval of an acquisition of the holding company of He Jian Technology Suzhou. He Jian's shareholders, representing 85% of the issued equity, will be offered $285 million in cash or an equivalent value of UMC common stock or American depositary shares. A 15% stake in He Jian, which is lying in escrow for UMC, is not included in the valuation.

He Jian is closely...

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