Action Semiconductors (ANR) – Tender Offer – 12.5% upside

Current Price – $2.4

Offer Price – $2.5 – $2.7

Upside – 12.5.% (if the upper pricing limit is used)

Expiration date – 18 September 2014

There is no provision for odd-lots

SEC Filling


Actions Semiconductor Co is offering to purchase for cash up to 60,000,000 of its ordinary shares, $0.000001 par value per share (including Shares represented by American Depositary Shares (the “ADSs”)), at a purchase price not greater than $7/15 per Share (or $2.80 per ADS) nor less than $5/12 per Share (or $2.50 per ADS), net to the seller in cash, less any applicable withholding taxes and, in the case of ADSs, less a cancellation fee of $0.05 per ADS.

If the Offer is fully subscribed we will repurchase 60,000,000 Shares (including Shares represented by ADS), which would represent approximately 14.6% of our issued and outstanding Shares (including Shares represented by ADSs) as of August 10, 2014.


In the event that the Offer is oversubscribed, securities properly tendered prior to the Expiration Date will be subject to proration.

Source of Funds:

We expect to fund the purchase of securities in the Offer with our currently available cash and cash equivalents.