tsmc-offers-465-of-its-shares-through-adrs

TSMC offers 4.65% of its shares through ADRs

The offering, which is part of Philips' planned exit from the contract chip-maker, could raise up to $2.5 billion based on current market prices.
Taiwan Semiconductor Manufacturing Company TSMC will kick off a short roadshow today for the sale of around $2.5 billion worth of American Depositary Receipts ADRs that will see Royal Philips ElectronicsÆ stake in the company drop from 12.8% to 8.1%.

The sell-down is part of a long-term plan by the Dutch provider of healthcare, lifestyle and technology products to divest all of its shares in the Taiwan chip-maker that it helped to start 20 years ago. According to an earlier announcement, the pending international offering is the last time it will sell shares through ADRs, however, which could help boost interest in the transaction.

Most observers expect there will be no shortage of...
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