SINGAPORE-Flextronics said it has proposed to delist its Flextronics Software Systems Ltd. subsidiary by purchasing all of its outstanding publicly held shares.
The India-based subsidiary previously was Hughes Software Systems Ltd. Flextronics currently owns nearly 70 percent of the company through its Flextronics Sales & Marketing Ltd. subsidiary.
The company plans to accomplish the delisting via a shareholder-led reverse book build process in accordance with guidelines set forth by the Securities and Exchange Board of India. Flextronics said it is prepared to acquire shares offered at $13.23 per share, which represents a 9.7-percent premium above the average closing prices during the past six months.
