FCS » Topics » NOTE 20-SUBSEQUENT EVENTS

This excerpt taken from the FCS 10-K filed Mar 1, 2007.

NOTE 20—SUBSEQUENT EVENTS

On January 2, 2007, the company launched a tender offer in Taiwan to acquire 100% of the outstanding shares of Taipei-based System General Corporation (System General) through its wholly owned subsidiary, New Conversion Co., Ltd (New Conversion). 65,459,517 shares of System General stock were acquired at the closing of the tender offer on February 5, 2007, representing 95.6% of System General’s outstanding shares. The total amount paid for the tendered shares was approximately $185.7 million, based on current exchange rates. The purchase price was funded with cash. The company intends to acquire the remaining System General shares through a share swap and merger, provided that certain conditions are met, including obtaining the required regulatory approvals.

On January 5, 2007, White Rock Networks sued the company and two distributors, Arrow Electronics and All American Semiconductor, in the Eastern District of Texas, for violations of the Texas Deceptive Trade Practices Act (DTPA) relating to the mold compound issue, claiming unspecified damages. The company has not yet been served in the case. The company believes it has strong defenses against White Rock Networks’ claims and intends to vigorously defend the lawsuit if it is served on the company.

 

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Table of Contents
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

 

ITEM 9A. CONTROLS AND PROCEDURES
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