BUCHEON, South Korea and HONG KONG, March 27 /PRNewswire-FirstCall/ --
S&G Company, Ltd., a leading supplier of plastic extrusion and thermoform
molded products for the semiconductor industry, and Peak International
Limited (Nasdaq: PEAK), a leading supplier of precision-engineered
packaging products, jointly announced today that they have signed a
definitive agreement for S&G to acquire Peak, in an all cash transaction
valued at approximately $24.8 million.
Under the terms of the amalgamation agreement, all of the outstanding
shares of Peak will be acquired by S&G and Peak stockholders will receive
$2.00 per share in cash for each Peak share.
The amalgamation agreement has been approved by the Boards of Directors
of each company and the transaction is expected to close in the second
quarter of 2008, subject to the approval by the Peak stockholders and other
customary closing conditions.
Peak will augment S&G's existing product portfolio and enhance S&G's
reach in precision engineered plastics markets.
"We are very pleased to have Peak become part of the S&G team. Peak's
management has built a strong portfolio of products. We believe that
combining Peak's businesses with those of S&G offers significant synergies
as well as additional scale to S&G. Together we believe we will be able to
capitalize on the combination and offer customers the best in class
elements from each business and utilize them through the rest of our
businesses," said Mr. Sungyuk Won, President of S&G.
"We are pleased to become part of S&G, a premier company in the
semiconductor industry. S&G has demonstrated technology leadership and
growth in its core businesses," said Mr. Dean Personne, President and Chief
Executive Officer of Peak. Houlihan Lokey served as financial advisor to
Peak on the transaction.
About Peak International Limited
Peak International Limited (http://www.peakinternational.com) is a
leading supplier of precision-engineered packaging products for storage,
transportation and automated handling of disk drive components,
semiconductor devices, wafer fab products as well as precision medical
products. There are approximately 1,400 people who work directly or
indirectly for Peak worldwide and its headquarters are in Hong Kong with
major manufacturing operations in Shenzhen, the PRC, which is operated
pursuant to a processing agreement with an unaffiliated party. Peak
operates warehouses throughout the world and offers JIT services to some of
the world's largest disk drive and other companies.
About S&G Company
S&G Company is a leading supplier of plastic extrusion and thermoform
molded products for the semiconductor industry. S&G's global reach
originated through design & supply of innovative plastic solutions to
clothing industries in the United States, Japan, Europe and Southeast Asia.
Since then, S&G has leveraged its quality-manufacturing expertise to meet
semiconductor firms' demand for reliable IC shipping products. S&G now
boasts industry leading design & tooling capability as well as global
warehousing & technical support. S&G and Daewon Semiconductor Packaging
Industrial Co., Ltd. are under common control.
Additional Information about the Proposed Transaction and Where to Find
It
In connection with the proposed transaction, Peak will file a proxy
statement with the Securities and Exchange Commission. You should read this
document when it becomes available because it will contain important
information about the transaction. You can obtain the proxy statement and
other documents that will be filed with the Securities and Exchange
Commission for free when they are available on the Securities and Exchange
Commission's web site at http://www.sec.gov. Also, if you call us at the
phone number below, we will send you the proxy statement for free when it
is available.
Peak and its executive officers and directors may be deemed to be
participants in the solicitation of proxies from the stockholders of Peak
in connection with the proposed transaction. Information about Peak's
executive officers and directors and their ownership of common stock of
Peak is set forth in Peak's Form 10-K for the fiscal year ended March 31,
2007), the proxy statement for Peak's 2007 Annual Meeting of Stockholders,
which was filed with the SEC on July 30, 2007, and the Form 8-K which was
filed with the SEC on October 30, 2007. Investors and security holders may
obtain additional information regarding the direct and indirect interests
of Peak and its executive officers and directors in the proposed
transaction by reading the proxy statement regarding the proposed
transaction when it becomes available.
Forward-Looking Statements
Statements in this press release regarding the proposed transaction
between S&G and Peak, the expected timetable for completing the
transaction, future financial and operating results, benefits and synergies
of the transaction, future opportunities for the combined company,
potential acquisitions, strategic alliances and intellectual property, and
any other statements about S&G and Peak managements' future expectations,
beliefs, goals, plans or prospects constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Any statements that are not statements of historical fact (including
statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates" and similar expressions) should also be considered
to be forward- looking statements. There are a number of important factors
that could cause actual results or events to differ materially from those
indicated by such forward-looking statements, including: the inability to
consummate the transaction; the inability to obtain all necessary
regulatory and shareholder approvals; the inability of S&G to successfully
integrate Peak's operations and employees; the inability to realize
anticipated synergies and cost savings; and any other factors that may
affect performance. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. S&G and Peak
disclaim any obligation to update any such factors or to publicly announce
the result of any revisions to any of the forward-looking statements
contained herein to reflect future results, events or developments.
Contacts
John Supan
CFO
Peak International Limited, Hong Kong
+852-3193-6000
SOURCE Peak International
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Related links:
http://www.peakinternational.com
CONTACT:
John Supan, CFO of Peak International
Limited, Hong Kong, +852-3193-6000
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