The proposed combined listing of digital imaging component maker Nam Tai Electronic and Electrical Products (Nteep) and liquid crystal display maker JIC Technology by their parent group lapsed yesterday after insufficient shareholders embraced the merger plan, the companies said in a joint statement. Nam Tai Electronics had announced the proposed privatisation scheme to shareholders in October, offering $1.88 in cash for Nteep shares and $0.55 for JIC shares. The plan would fail if more than 10 per cent of independent investors voted against the offer. Nam Tai Electronics yesterday had received 176.3 million Nteep share acceptances, which represented only 69.81 per cent of affected Nteep shares, not including those held by Nam Tai Electronics. Acceptances were therefore less than 90 per cent, even if the option offer received by Nam Tai Electronics was included. Only 20 per cent of Nteep shareholders, in terms of issued capital, accepted the offer.
