Shutters down at Leadis soon

SAN JOSE, USA: Continuing with its shutters down plan, chip manufacturer Leadis Technology Inc is looking at liquidating its assets and dissolving the company. As part of the plan, the Leadis board has given the nod for a dissolution move of the company subject to stockholder approval.

Leadis is a renowned name among analog and mixed-signal semiconductor developers of color display drivers.

The approval of the board came by after consideration of potential strategic alternatives, said a release issued by the company.

As per this, Leadis will hold a special meeting of the stockholders to seek approval of the plan of dissolution and is also looking to file a proxy statement with the Securities and Exchange Commission soon, it said.

The company has said, if stockholders approve the plan of dissolution, Leadis would “file a certificate of dissolution, resolve its remaining liabilities and obligations, make provisions for unknown claims and liabilities, and make distributions to its stockholders of cash available for distribution, subject to applicable legal requirements”.

Leadis, in the meantime, has analyzed its liquidation value and currently estimates that the aggregate amount of liquidating distributions to stockholders will range from $0.93 to $1.20 a share.

In what might look like the sell off plan had been doing the rounds at Leadis for quite some time now, the company had sold its display driver business to Korea-based AsTek Inc in January.

Besides this deal, it had also sold off its touch sensor technology assets to Integrated Device Technology Inc (IDT) recently.

In another deal, power semiconductor maker Ixys Corp had, a few days ago, completed the acquisition of the LED driver IC and LCD display driver IC business units from Leadis for about $4 million in current and deferred funds.