Amkor Technology Announces Comprehensive Settlement with Tessera
January 15 2015 - 04:05PM
Business Wire
Amkor Technology, Inc. (NASDAQ: AMKR) today announced the
settlement of its outstanding litigation and arbitration
proceedings with Tessera, Inc.
Under the terms of the settlement, Amkor has agreed to pay
Tessera a total of $155 million in equal quarterly installments
over the next four years, and the parties have agreed to a mutual
release and dismissal of all claims relating to their pending
litigation and arbitration proceedings, including the previously
awarded judgment of $128.3 million plus interest. The settlement
agreement also provides that Tessera and Amkor will look for
opportunities to engage in potential technology collaboration.
“We are pleased to have reached a comprehensive resolution in
this long-running dispute and look forward to exploring technical
collaboration with Tessera,” said Gil Tily, Amkor’s Executive Vice
President, Chief Administrative Officer and General Counsel.
Amkor expects to record an after-tax charge to earnings in the
fourth quarter of 2014 for most of the total settlement amount, net
of amounts previously reserved. Amkor will provide more detail in
its upcoming earnings release for the fourth quarter and full year
2014.
About Amkor
Amkor is a leading provider of semiconductor packaging and test
services to semiconductor companies and electronics OEMs. More
information on Amkor is available from the company's SEC filings
and at Amkor's website: www.amkor.com.
Forward-Looking Statement Disclaimer
This announcement contains forward-looking statements within the
meaning of federal securities laws. All statements other than
statements of historical fact are considered forward-looking
statements including, without limitation, statements regarding the
accounting treatment of the settlement payments. These
forward-looking statements involve a number of risks,
uncertainties, assumptions and other factors that could affect
future results and cause actual results and events to differ
materially from historical and expected results and those expressed
or implied in the forward-looking statements, including, but not
limited to, those discussed in Amkor’s Annual Report on Form 10-K
for the year ended December 31, 2013, and in its subsequent filings
with the Securities and Exchange Commission made prior to or after
the date hereof. Amkor undertakes no obligation to review or update
any forward-looking statements to reflect events or circumstances
occurring after the date of this announcement.
Amkor Technology, Inc.Greg JohnsonSr. Director, Investor
Relations and Corporate
Communications480-786-7594greg.johnson@amkor.com
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