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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.
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.
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.
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, 5:20 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.
Aug. 14, 2014, 9:07 AM
- China's Hua Capital has made a "non-binding" offer to acquire OmniVision (NASDAQ:OVTI) for $29/share in cash. The price represents an 18% premium to yesterday's close, and translates into a $1.7B valuation.
- The image sensor vendor says its board is reviewing Hua's proposal, and has made no decision yet.
- Shares are halted.
May 23, 2014, 10:09 AM
- TechCrunch reports Google (GOOG - unchanged) is close to buying satellite imagery startup Skybox Imaging; a source estimates the price is around $1B.
- The Information reported of Google's interest in Skybox in April. Aside from providing high-res imagery that could bolster Google Maps/Earth, Skybox provides related analytics services aimed at enterprises/institutions.
- TechCrunch observes Skybox currently relies on just one satellite, and needs more funding as it gets set to launch a second one in June. The company recently placed an order for 13 small satellites.
- DigitalGlobe (DGI +0.3%), which sold off when The Information's report came out, is taking the TechCrunch report in stride. The company is a major imagery supplier for Maps/Earth.
- Separately, the WSJ reports Google's Project Tango, launched as an effort to create Android phones able to track motion and provide 3D visual maps of one's surroundings, now extends to tablets.
- A 7" prototype tablet sporting "two back cameras, infrared depth sensors and advanced software that can capture precise [3D] images of objects" is said to be on tap. There's a good chance OmniVision (OVTI +1.1%), already a Tango partner, is the image sensor supplier.
Dec. 3, 2013, 6:50 PM
- The Nikkei reports Sony (SNE) is looking to acquire a chip fab from struggling Renesas (RNECY), and plans to use it to expand CMOS image sensor production. The expected sale price is said to be $96M; an MOU could be signed as soon as the beginning of next week.
- The paper points out Sony already has a ~30% share of the CMOS image sensor market, thanks in part to growing sales to Apple, Samsung, and other mobile OEMs.
- The report comes as image sensor rival OmniVision (OVTI) provides soft guidance to go with an earnings beat, and reports of seeing "intensifying competition."
OmniVision Technologies Inc designs, develops and markets high-performance, highly integrated and cost-efficient semiconductor image-sensor devices. Its products include image-sensing devices namely CameraChip image sensors.
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