Yao Hsiao Tung made an unconditional offer to acquire remaining 16.6% stake in Hi-P International Limited (SGX:H17) for approximately SGD 270 million on December 18, 2020. Under the terms of the transaction, the consideration of SGD 2 per share will be paid in cash. Offer shall be extended on the same terms to all new Shares unconditionally issued or to be issued pursuant to the valid exercise of any options and all new shares unconditionally issued or to be issued pursuant to the valid vesting or release of any awards. Shareholders who accept the offer can expect to receive payment of the offer price within seven (7) business days of the date of receipt of their valid acceptances. As at the date of the announcement, Options to subscribe for an aggregate of 13.349401 million shares remain outstanding under the Share Option Schemes, there are 2.638995 million outstanding Awards granted under the Share Award Scheme. Yao Hsiao Tung holds 673.496144 million shares and options to subscribe for an aggregate of 4.360382 million shares. As on December 24, 2020, Yao Hsiao Tung acquired additional 1.35 million shares in Hi-P International Limited. As on December 29, 2020, Yao Hsiao Tung acquired additional 0.3 million shares in Hi-P International Limited. As on December 30, 2020, Yao Hsiao Tung acquired additional 1.3 million shares in Hi-P International Limited and now holds 88.09% stake. As of January 13, 2021, Yao Hsiao Tung holds 676,268,113 Shares of Hi-P International Limited. Yao Hsiao Tung does not intend to maintain the listing status of Hi-P International Limited. The offer document setting out the terms and conditions of the offer and enclosing the relevant form(s) of acceptance will be dispatched to shareholders not earlier than 14 days and not later than 21 days from the offer announcement date. in the event that Yao acquires not less than 90% of the total shares, Yao would be entitled to exercise the right to compulsorily acquire all the Shares from Shareholders who have not accepted the offer (the "Dissenting Shareholders") at a price equal to the offer price (the "Compulsory Acquisition"). On January 7, 2021, the offer document was dispatched to the shareholder of Hi-P International Limited. All holders of outstanding share options received the options proposal acceptance letter. As of January 12, 2021, Offeror has received valid acceptances amounting to 729,673,251 Shares, representing approximately 90.37% share capital of Hi-P International Limited. The offer will close on February 4, 2021. As of January 13, 2021, Offer is extended from February 4, 2021 to February 18, 2021. CLSA SINGAPORE PTE LTD and DBS Bank Ltd. acted as financial and strategic advisors to Yao Hsiao Tung. Deloitte & Touche Corporate Finance Pte Ltd. acted as financial advisor to Hi-P International Limited. Tricor Barbinder Share Registration Services acted as a registrar to Hi-P International Limited. CLSA Singapore Pte. Ltd. and DBS Bank Ltd. acted as financial advisor to Hi-P International Limited in the deal. Ernst & Young Corporate Finance Pte Ltd. acted as financial advisor to Hi-P International Limited.