OmniVision Technologies, Inc.NASDAQ
OmniVision: Waiting On A Buyout Decision
Thu, Jan. 28, 9:11 AM
- A Chinese investment group led by Hua Capital has closed its $29.75/share ($1.9B), all-cash, acquisition of image sensor developer OmniVision (NASDAQ:OVTI). The deal's closing comes after U.S. regulators cleared it in October.
- Trading in OmniVision shares has been halted, and will be officially suspended after today's close. OmniVision closed on Thursday at $29.38.
Dec. 3, 2015, 4:21 PM
- OmniVision Technologies (NASDAQ:OVTI): FQ2 EPS of $0.37 beats by $0.05.
- Revenue of $343.1M (-12.9% Y/Y) beats by $28.07M.
- Shares -0.5%.
Dec. 2, 2015, 5:35 PM
Oct. 7, 2015, 9:40 AM
- The Committee on Foreign Investment in the United States (CFIUS) has approved OmniVision's (OVTI +2.6%) planned $29.75/share sale to a Chinese investment group led by Hua Capital. OmniVision expects the deal to close in FQ4 (ends April '16).
- The news comes a day after top rival Sony announced it's spinning off its image sensor unit (has been taking share from OmniVision) into a separate company. OmniVision is up 9% from last Friday's close, and now is just slightly less than a dollar below its buyout price.
Sep. 4, 2015, 3:01 PM
- With demand from Apple and Chinese mobile OEMs remaining strong, CEO Kaz Hirai Sony (SNE -3.1%) plans to invest €1.5B ($1.7B) in its image sensor ops in FY16 (ends March '16) - 5x what it invested in FY15.
- The remarks come as Apple (NASDAQ:AAPL) gets set to launch the iPhone 6S/6S+, which are expected to feature much-improved cameras. The rear camera is rumored to support 12MP still photos, 4K video recording, and a faster burst mode; the front camera is reportedly being upgraded to 5MP.
- Image sensors have been a strong point for Sony as it deals with weak smartphone and (PS4 excluded) home electronics sales. The company is believed to be taking share from OmniVision (OVTI +0.7%), which is expected by the Street to see its FY16 (ends April '16) sales drop 8.8% Y/Y.
Aug. 27, 2015, 4:22 PM
- OmniVision Technologies (NASDAQ:OVTI): FQ1 EPS of $0.46 beats by $0.07.
- Revenue of $329.89M (-18.9% Y/Y) beats by $2.72M.
Aug. 26, 2015, 5:35 PM
Jul. 24, 2015, 2:27 PM
- At a special meeting, 97.1% of votes cast (represented 64.6% of outstanding shares) were voted in favor of approving OmniVision's (OVTI -0.3%) $29.75/share ($1.9B) deal to be acquired by a Chinese investor group led by Hua Capital. OmniVision expects the deal to close in calendar Q4 2015 or Q1 2016.
- Amid ongoing concerns about U.S. regulatory approval, OmniVision currently trades 19% below the buyout price.
Jul. 7, 2015, 12:15 PM
- OmniVision (NASDAQ:OVTI) has sold off yet again, leaving shares even further below the $29.75/share buyout price it agreed to with a Chinese investor group in April. Fears U.S. regulators will reject the deal have weighed on shares, as have shareholder suits attempting to stop it on the grounds it undervalued OmniVision.
- Yesterday morning, OmniVision announced it's rescheduling a special meeting to vote on the deal to July 23 to "provide additional time for court resolution" of a shareholder motion to prevent the company's sale under certain "corrective actions" are taken. Shareholders on record as of June 9 will be able to vote.
- Today's drop comes as many U.S.-traded Chinese tech stocks nosedive. SA author Vince Martin argued today OmniVision has limited downside even if the buyout unravels.
May 28, 2015, 4:22 PM
- OmniVision Technologies (NASDAQ:OVTI): FQ4 EPS of $0.22 beats by $0.01.
- Revenue of $285.85M (-13.6% Y/Y) beats by $6.26M.
May 27, 2015, 5:35 PM
Apr. 30, 2015, 9:19 AM
Apr. 30, 2015, 9:19 AM
- An investor group featuring P-E firm Hua Capital and fellow Chinese investors CITIC Capital and Goldstone Investment is buying OmniVision (NASDAQ:OVTI) for a 12% premium to Wednesday's close. The $1.9B all-cash deal is expected to close in OmniVision's FQ3 or FQ4 (January and April 2016 quarters), provided shareholders and regulators sign off.
- To get Taiwanese clearance, OmniVision will "divest certain of its interests in Taiwan," including JV interests. Bloomberg reported yesterday Hua was close to a deal to buy the image sensor vendor for ~$29/share.
- OVTI +5.7% premarket to $28.07.
Apr. 29, 2015, 5:37 PM
Apr. 29, 2015, 5:20 PM
- Bloomberg reports OmniVision (NASDAQ:OVTI) is close to a deal to be acquired by Chinese P-E firm Hua Capital for $1.7B, or ~$29/share - a 9% premium to today's close. An announcement could happen as soon as tomorrow.
- An investor group led by Hua made a $29/share non-binding offer last August. A rumor emerged last month that Hua might up its bid to $30/share.
- OVTI +5.6% AH to $28.03.
Mar. 26, 2015, 11:54 AM
- A rumor that the Chinese consortium interested in acquiring OmniVision (OVTI +1.6%) might up its offer by $1/share to $30/share has helped the image sensor vendor move higher. Many other chip stocks are selling off for the second day in a row.
- The consortium, led by Beijing P-E firm Hua Capital, made a $29/share non-binding buyout offer last August. OmniVision currently trades 10% below the offer price.