Spreadtrum to be acquired by Tsinghua Holdings for $1.78 billion

Reuters

Chinese cellphone chip designer Spreadtrum Communications Inc agreed to be acquired by a unit of government-owned Tsinghua Holdings Co Ltd for a raised offer price of about $1.78 billion, the companies said.

Tsinghua Unigroup Ltd will acquire Spreadtrum's outstanding shares for $31 per American Depositary Share (ADS), up from its previous offer of $28.50 per ADS.

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Spreadtrum said in June it had received a $1.38 billion buyout proposal from Tsinghua, and was evaluating the proposal.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sreejiraj Eluvangal)