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STATS ChipPAC shares drop after failure of takeover talks

Talks with an unnamed third party have been discontinued but acquisition discussions with other parties are continuing, says the semiconductor packaging and test services provider.

SINGAPORE: Shares of semiconductor firm STATS ChipPAC fell sharply on Thursday (June 12) after it said talks with a potential acquirer had been discontinued.

Around 2.40pm Singapore time, shares of STATS ChipPAC, a provider of semiconductor packaging and test services, were down 12.3 percent at 57 cents.

STATS ChipPAC said in May that it had received a non-binding expression of interest from an unnamed third party that was keen on a takeover of the Singapore-listed firm.

"The company wishes to announce that discussions with that party on its approach have been discontinued," STATS ChipPAC said in a filing on the Singapore Exchange.

Discussions with such other potential acquirers are continuing, but there is no assurance that any such discussions will result in any definitive agreement or transaction, STATS ChipPAC said.

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