HONG KONG, June 9 /PRNewswire-FirstCall/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) announced that on June 9, 2009, the Company and Nam Tai Electronic & Electrical Products Limited ("NTEEP"), Nam Tai's 74.88%-owned Hong Kong Stock Exchange-listed subsidiary (Stock Code: 2633), jointly issued an announcement regarding the despatch to the independent shareholders of NTEEP of the composite offer document formally commencing under Hong Kong's securities law and the rules of the Hong Kong Stock Exchange Nam Tai's second voluntary conditional cash offer to privatize NTEEP. In the current, second offer, Nam Tai is offering US$0.20 (HK$1.52) per NTEEP share equal to a total cash consideration of approximately US$43.5 million based on the total number of outstanding shares of NTEEP that the Company does not already own (referred to in the formal Composite Offer Document, as the "Offer Shares"). Nam Tai plans to finance the proposed transaction with its internal resources. As was the case for the first offer, completion of the new, second offer and the resulting privatization of NTEEP are conditional upon Nam Tai receiving acceptances and/or purchases totalling at least 90% of the Offer Shares. If that condition is satisfied, Nam Tai intends to exercise compulsory acquisition rights to acquire any remaining NTEEP shares that it did not acquire in accordance with the new offer and then withdraw the listing of NTEEP from the Stock Exchange of Hong Kong. It is expected that the results of the Second Offer will be known and released around end of June or early July 2009. As previously announced, because of broker omission and miscommunication from the Central Clearing and Settlement System established and operated by the Hong Kong Securities Clearing Company, which apparently interfered with the success of Nam Tai's first offer to privatize NTEEP earlier this year, Nam Tai sought and obtained the consent of the Securities and Futures Commission of Hong Kong in order to permit Nam Tai to make the second offer within 12 months of the date Nam Tai's first offer was declared unsuccessful. The joint announcement by Nam Tai and NTEEP regarding the despatching of the Composite Offer Document to NTEEP's independent shareholders, which is also available on NTEEP's website at http://www.namtaieep.com/news/3.1.html, accompanies this press release. The formal Composite Offer Document, as so despatched, is available at the same location on NTEEP's website. ABOUT NAM TAI ELECTRONICS, INC. We are an electronics manufacturing and design services provider to a select group of the world's leading OEMs of telecommunications and consumer electronic products. Through our electronics manufacturing services operations, we manufacture electronic components and subassemblies, including LCD panels, LCD modules, RF modules, DAB modules, FPC subassemblies and image sensors modules and PCBAs for headsets containing Bluetooth(*) wireless technology. These components are used in numerous electronic products, including mobile phones, laptop computers, digital cameras, electronic toys, handheld video game devices, and entertainment devices. We also manufacture finished products, including mobile phone accessories, home entertainment products and educational products. We assist our OEM customers in the design and development of their products and furnish full turnkey manufacturing services that utilize advanced manufacturing processes and production technologies. (*) The Bluetooth(R) word mark and logos are owned by the Bluetooth SIG, Inc. and any use of such marks by Nam Tai is under license. DATASOURCE: Nam Tai Electronics, Inc. CONTACT: Anthony Chan, Investor relations of Nam Tai Electronics, Inc., (852) 2341 0273, Fax: (852) 2263 1223, or Web Site: http://www.namtai.com/ http://www.namtaieep.com/

Copyright