Shareholders of Taiwan’s Asia Pacific Telecom (APT) have voted in favour of the proposed merger with rival Far EasTone (FET), it has been confirmed. A stock exchange filing confirmed that APT shareholders approved the planned tie-up at an extraordinary meeting held on 15 April, while it was noted that the merger completion date is still ‘tentatively’ set as 30 September 2022.
As previously reported by CommsUpdate, in February 2022 FET and APT announced plans to merge via a share swap deal reported to be valued at around TWD24.7 billion (USD845 million). At that date FET said it planned to issue almost 357 million new shares in the stock-for-stock merger with APT, including over 93.44 million shares via private placement, and it confirmed that under the deal it would exchange one APT share for 0.0934406 FET shares. It is understood that the merged entity will continue to trade under the FET banner, while the APT brand will be discontinued.