Tsinghua University offers $1.3bn in a takeover bid of smartphone chipset manufacturer Spreadtrum.
Spreadtrum Communications, a smartphone chipset manufacturer backed by venture firm New Enterprise Associates (NEA), has received a $1.3bn non-binding buyout offer from Tsinghua University.
The offer of $28.50 per American depository share was made through Tsinghua Unigroup, a subsidiary of the institution’s state-owned investment unit Tsinghua Holdings, representing a premium of 28 per cent for Spreadtrum’s closing price on the Nasdaq last Thursday. Following the announcement, Spreadtrum’s share price jumped more than 16%.
San Diego-based Spreadtrum, which raised…
