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    ASM International plans up to $277 mln selldown in ASM Pacific

    ASM International plans up to 277 mln selldown in ASM Pacific

    HONG KONG, April 24 (Reuters) - Dutch semiconductor equipment supplier ASM International  said on Monday it
    plans to reduce its stake in Asian affiliate ASM Pacific Technology Ltd  in a deal that may be worth up to $277
    million, according to a term sheet seen by Reuters.
    ASM International said in a securities filing it plans to sell 20 million shares of ASM Pacific, equivalent to a 5 percent stake, and use the proceeds for a new share buyback program.
    HSBC has been hired as bookrunner for the sale, the filing added, without giving details of the deal. [nASM000AUD]
    The company is offersing the shares in a price range of HK$105.00 to HK$107.50 each, equivalent to a discount of up to 8.5 percent to ASM Pacific's closing price of HK$114.80 on Monday, according to the term sheet. That would put the sale at up to HK$2.15 billion ($276.5 million).
    ASM Pacific's shares have jumped nearly 40 percent so far in 2017, reaching HK$116.20 on Monday, its highest level in five years, before paring some gains.
    ($1 = 7.7771 Hong Kong dollars)
     (Reporting by Elzio Barreto; Editing by Biju Dwarakanath)
     (([email protected];)(852)(2843-1608; Reuters
    Messaging: [email protected]))

    Read more: http://www.nasdaq.com/article/asm-international-plans-up-to-277-mln-selldown-in-asm-pacific-20170424-00250#ixzz4fBaIf8Iu