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.