AU Optronics priced ADR

Company takes advantage of spike in share price to raise new funds.

The world's largest listed TFT-LCD manufacturer returned to the ADR market after New York's close on Thursday, raising $480 million from a 30 million unit deal.

Under the lead of global co-ordinator Goldman Sachs and joint bookrunner Citigroup, the offering was priced at $16 per unit. This represented a 1.8% premium to the stock's close in Taiwan on Thursday and a 4.6% discount to the ADR close the same day. There is a ratio of 10 shares per GDR and a greenshoe of 2.5 million units.

Back in February, AUO received board approval to issue 500 million shares, but went on to file for 300 million....

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