SEOUL, October 5, 2001
hynix Semiconductor Inc. announced today that it had completed the pricing on its public offering of more than 20 million shares of Maxtor Corporation.
hynix will offer 20,754,409 shares of Maxtor (a supplier of information storage solutions) common stock to the public at $4.00 per share. In addition, Maxtor will repurchase 5,000,000 shares from Hynix at the same price, while the offering’s underwriters will also have an option to purchase up to 2,575,441 shares to cover over-allotments, if any.
The total amount of shares being offered by hynix totals 28,329,850 shares. The proceeds of the transaction is expected to total 150 billion won. The public offering of Maxtor shares was temporarily halted shortly after the Setpember 11 terrorist attack on the US. However, the successful transaction despite the slowdown in the US stock market will give a boost to the restructuring effort of hynix.
