Conyers Dill & Pearman, Cayman (“Conyers”) acted for Exar Corporation (“Exar”), a New York Stock Exchange listed supplier of high-performance integrated circuits and system solutions, on its acquisition of Integrated Memory Logic Limited (“iML”), a Taiwan Stock Exchange listed provider of power management and colour calibration solutions for large and medium sized flat panel displays used in tablets and televisions.
The transaction was completed through a cash tender offer by a newly formed Cayman Islands subsidiary of Exar for the outstanding ordinary shares of iML, a company incorporated in the Cayman Islands, followed by a second step merger to acquire the remaining ordinary shares of iML not acquired through the tender offer. As a result of the transaction iML was taken private and became a wholly owned subsidiary of Exar.
Conyers worked alongside O’Melveny & Myers LLP, San Francisco office, on this transaction which gave rise to a number of complex Cayman law issues.
The Cayman team comprised Richard Fear and Kevin Butler.