Taiwan: NSP and DelSolar plan to form country's largest solar company

The two parties held a press conference today, Monday November 19, to announce their plans. NSP said it would launch a tender offer for a 13 to 15% stake in DelSolar between November 20 and December 14.
"Each DelSolar share tendered will receive 0.703 newly issued NSP share and NT$0.5 cash (around €0.013, US$0.017) as consideration, implying around 5% premium to DelSolar’s closing price as of November 16," said NSP in a statement released.
The tender will see NSP’s and DelSolar’s photovoltaic cell and module businesses combined. The systems business of Delta Group – which owns a 54% stake in DelSolar – will also be added to the new entity.
Overall, NSP has a cell capacity of 1.3 GW and module capacity of 60 MW, while DelSolar has 600 MW and 180 MW, respectively. Combined, the companies will boast a cell capacity of nearly 2 GW, and a module capacity of 240 MW.
Once the tender offer has been completed, NSP said it would consider a merger with DelSolar "equivalent to the tender offer". If the merger goes ahead, Delta will become the majority shareholder.
"Delta agreed to support current NSP management team and to assistant [sic] NSP in integrating DelSolar’s solar cell, module and system businesses," added NSP. It is also said to be prepared to participate in fund raising activities up to NT$1.5 billion.