Appleby Advised Chipmos Bermuda's Merger With Its Subsidiary

Appleby acted as Bermuda counsel to ChipMOS TECHNOLOGIES (Bermuda) LTD. (ChipMOS Bermuda), a Bermuda company with shares listed on the Nasdaq, in relation to its US$540 million merger with its 58.3% owned subsidiary ChipMOS TECHNOLOGIES Taiwan (ChipMOS Taiwan), with ChipMOS Taiwan being the surviving company, effective on 31 October 2016. The merger is consistent with the ongoing efforts to simplify and streamline the ChipMOS group structure, reduce operating costs in order to enhance operation efficiency.

This transaction is the first merger between a Bermuda NASDAQ-listed company and Taiwan TWSE-listed company. As Taiwan (Republic of China) is not an appointed jurisdiction under the Bermuda Companies Act, Appleby assisted in submitting application to and obtaining approval from the Bermuda Ministry of Economic Development for Taiwan as an acceptable jurisdiction for this outward merger.