Conyers Dill & Pearman in Cayman has acted for Exar Corporation, a New York Stock Exchange-listed supplier of high-performance integrated circuits and system solutions, on its $224m (£140m) acquisition of Integrated Memory Logic (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 the O’Melveny & Myers 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.