Taiwan’s second-largest mobile operator Far Eastone Telecommunications has reportedly submitted the highest first-round bid for conglomerate Ting Hsin International’s majority stake in Taiwan Star Cellular.
Far Eastone outbid rivals including…
Taiwan’s second-largest mobile operator Far Eastone Telecommunications has reportedly submitted the highest first-round bid for conglomerate Ting Hsin International’s majority stake in Taiwan Star Cellular.
Far Eastone outbid rivals including Chunghwa Telecom, Taiwan’s largest mobile operator, electronics manufacturer Hon Hai Precision (Foxconn Technology) and an unnamed Japanese company, the local Commercial Times reported citing unnamed telecoms sector sources.
Far Eastone is planning a cash-and-share deal likely to total about T$18bn (US$570m), the report stated. However, it noted that Ting Hsin may yet decide to hold another bidding round.
Far Eastone and Taiwan Star were not immediately available for comment.
In January, a Ting Hsin spokesperson confirmed that the company had received multiple expressions of interest in its stake in Taiwan Star, but declined to name the companies.
According to earlier local media reports, Ting Hsin, which has pledged to sell non-core local assets, is expected to sell its 52% stake in Taiwan Star by the end of this quarter or early next.
Taiwan Star bought its 4G licence in 2013 and, last year, acquired rival Vibo Telecom under a 1:3 stock swap to create the country’s fifth-largest mobile player.
Taiwan Star’s other shareholders include Cathay Financial Holding, CTBC Financial Holding and Cheng Uei Precision Industry.
