Samsung 2011 Annual Report Download - page 49

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B) Acquisition of Grandis
Samsung Information Systems America acquired Grandis with a closing date of July 22, 2011.
(1) Overview of the acquired company
Name of the acquired company Grandis
Headquarters location Milpitas, CA
Representative director Farhad Tabrizi
Classification of the acquired company Unlisted company
(2) Purchase price allocation
(In millions of Korean Won)
Classification Amount
I. Considerations transferred ￦ 81,050
II. Identifiable assets and liabilities
Cash and cash equivalents 269
Trade and other receivables 367
Property, plant, and equipment 2,129
Intangible assets 57,682
Other assets 83
Trade and other payables (527)
Deferred income tax liabilities (18,836)
Total ￦ 41,167
III. Goodwill ￦ 39,883
Had Grandis been consolidated from January 1, 2011, the consolidated for the one-year period would show loss of ￦1,600 million, additionally.
The revenue included in the financial statement of income statement since the date of acquisition contributed by Grandis was ￦ 2,668 million and profit of
￦600 million over the period.
35. Events After the Reporting Period
A) Merger of Samsung LED
The merger of Samsung LED with SEC was approved by the Board of Directors on December 26, 2011. The approval of the Board of Directors of the
Company replaces shareholders’ meeting approval of the acquisition, as the acquisition of Samsung LED is a small and simple merger as defined in the
commercial law.
The shareholders of Samsung LED will receive 0.0134934 shares of the Company’s common stock for each share of Samsung LED common stock owned
on the closing date. The Company transferred its treasury stocks to the shareholders of Samsung LED.
B) Acquisition of S-LCD
The Company entered into contracts to acquire remaining issued shares of S-LCD from Sony on December 26, 2011.
The Company acquired shares of S-LCD with a closing date of January 19, 2011.
(In millions of Korean Won)
Name of the acquired company S-LCD
Purchase price ￦ 1,067,082
Shares 329,999,999 shares
Percentage of shareholding after acquisition 100 %
C) Spin-Off of LCD division
The Company’s Board of Directors approved the spin-off of the Company’s LCD division on February 20, 2012. The shareholders will approve the spin-off on
March 16, 2012, during the shareholders’ meeting
Category Details
Companies subject to stock split Samsung Display Corporation¹
Business LCD
¹ The name of the newly established company is subject to change according to decision of shareholder’s meeting.
150,000,000 shares will be newly issued with par value of ￦5,000 per shares and be assigned to SEC.