(PRN) PSAM Resolutions To Be Published For Vivendi Shareholder Vote At Vivendi A

BN 03/26 14:49 *PSAM RESOLUTIONS TO BE PUBLISHED FOR VIVENDI HOLDER VOTE AT
PSAM Resolutions To Be Published For Vivendi Shareholder Vote At Vivendi Annual General Meeting
2015-03-26 14:49:44.355 GMT

PSAM Resolutions To Be Published For Vivendi Shareholder Vote At Vivendi
Annual General Meeting

PSAM Launches Website for Vivendi Shareholders: www.valuecreationatviv.com

PR Newswire

NEW YORK, March 26, 2015

NEW YORK, March 26, 2015 /PRNewswire/ -- P. Schoenfeld Asset Management LP
("PSAM") today announced that Vivendi (EPA: VIV) (the "Company") shareholders
will be able to vote for the two resolutions (the "PSAM Resolutions") that
PSAM submitted to the Vivendi Management Board at the Company's Annual General
Meeting, to take place on April 17.  The Company announced they will publish
the PSAM Resolutions for shareholders to consider on March 27.

As outlined in the Vivendi company bylaws, all Vivendi shareholders who own
physical shares of the Company as of the record date, 11:59PM UTC (5:59PM ET)
on April 14, 2015, will be eligible to vote.  PSAM also reminds all Vivendi
shareholders who own shares of the Company via derivatives that they need to
have their holdings in physical form on the Record Date in order to be
eligible to vote at the Annual General Meeting.  Shareholders will not be
entitled to vote economic holdings held via derivatives.  Shareholders who
have any questions or need assistance in voting should contact their bank or
broker custodian or PSAM's adviser, MacKenzie Partners, Inc. at 212-929-5500.

As PSAM announced on March 23, it believes that Vivendi is significantly
undervalued due to its excessive cash holdings, inadequate capital return
policy and the uncertainty over Vivendi's future use of its capital. 
Accordingly, PSAM urges Vivendi shareholders to vote FOR its resolutions,
which propose that Vivendi distribute an aggregate amount of €9 billion (€
6.66 per share) in an effort to close the valuation discount.  Specifically,
the PSAM Proposals stipulate that the payment to Vivendi shareholders would be
in the form of a special dividend as follows:  

1.      An amount equal to €2,857,546,032.35 from distributable profit for
the year ended 31 December 2014; and

2.      An amount equal to €6,142,453,967.65 from share issue premium,
merger premium and contribution premium. 

For more information, including the white paper that PSAM sent to the Vivendi
management board on March 23, please visit www.valuecreationatviv.com.

About PSAM
PSAM was founded by Peter M. Schoenfeld and has been providing investment
advisory services since 1997, with offices in New York and London.  PSAM has
approximately $3.4 billion in assets under management and invests in both
equity and credit securities in global event driven opportunities. 

Additional Information
This press release is for informational purposes only and is not intended to
constitute, and should not be construed as, an offer to sell, a solicitation
of any offer to buy, an offer to purchase or a solicitation of consents with
regard to any securities of Vivendi (the "Company", and such securities, the
"Securities").

This release may contain forward-looking statements. Such statements can be
identified by the use of forward-looking terminology such as "believes,"
"expects," "intends," "may," "estimates," "will," "should," "plans" or
"anticipates" or the negative thereof or other variations thereon or
comparable terminology, or by discussions of strategy. These forward-looking
statements involve a number of risks and uncertainties that could cause actual
results to differ materially from the suggested by the forward-looking
statements. The information provided in this press release is derived from
PSAM's analysis and subjective views on the Company and its Securities. Other
persons, including the Company, may have different analysis and views on the
information provided herein.

No reliance is accepted on this press release and PSAM disclaims any liability
in relation to this press release. Investors shall only rely on their own
assessment prior to taking any decision in relation to the Company and/or the
Securities. PSAM do not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

For Investor Inquiries:

MacKenzie Partners, Inc.
Dan Burch/Bob Marese
212-929-5500 / +44 20 3026 2807
dburch@mackenziepartners.com / bmarese@mackenziepartners.com

For Media Inquiries:
Image 7
Anne- France Malrieu
Ph : + 33 1 53 70 74 66
C : + 33 6 89 8 761 18
afmalrieu@image7.fr

Estelle Guillot-Tantay
Ph : + 33 1 53 70 74 93
C : + 33 6 87 60 49 58
egt@image7.fr

ASC Advisors
Steve Bruce/Taylor Ingraham
(203) 992-1230
sbruce@ascadvisors.com / tingraham@ascadvisors.com

To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/psam-resolutions-to-be-published-for-vivendi-shareholder-vote-at-vivendi-annual-general-meeting-300056515.html

SOURCE P. Schoenfeld Asset Management LP ("PSAM")

Website: http://www.valuecreationatviv.com
-0- Mar/26/2015 14:49 GMT

>>> Omnivision investment rally leaves bid consortium looking at USD 30 p/s offe

Deal Reporter - Omnivision investment rally leaves bid consortium looking at USD 30 p/s offer – source


The Chinese bid consortium for OmniVision Technologies [NASDAQ:OVTI] is considering slightly increasing its USD 29-a-share indicative offer by USD 1 due to a rally in the market value of the image sensor chip designer’s investments since mid-2014, a source close to the bidder said.

Members of the bid consortium, led by Beijing’s Hua Capital Management and including Shanghai Pudong Science and Technology Investment Co (PDSTI), are still discussing their respective levels of investment ahead of tabling a firm offer, the source added without expanding on the timetable.

Omnivision owns a 13.4% stake in China Wafer Level CSP Co Ltd (China WLCSP) [SHA:603005], an image sensor packaging service provider, which has a current market value of CNY 13.1bn (USD 2.11bn), valuing the company's stake at USD 282m. The stake value has increased 47% -- from USD 188m -- since August 2014 when the bidders first tabled the preliminary non-binding proposal.

Based on the implied USD 1.68bn equity value of the proposed acquisition, OmniVision's stake in China WLCSP would equate to USD 3.2 per OmniVision share. Following the rally in China WLCSP's stock price, the stake is now worth around USD 4.7 per share, according to Dealreporter analytics.

The source said that the bid consortium, as a result, is considering a higher offer price than the originally proposed USD 29 per share, but is trying to keep the offer price below or at USD 30 a share, according to the source.

Meanwhile, Xintec Inc [TPE:3374], a Taiwanese chip packaging service provider which is 11.8% owned by OmniVision, is planning to list on Taiwan's GreTai Securities Market at TWD 42.00 per share on 30 March. Along with the new listing, Xintec will issue an additional 10% outstanding shares to raise further capital to repay debt. Omnivision’s stake will subsequently be diluted to 10.7%.

Omnivision’s investment in XinTec has a book value of USD 4.7m. If Xintec’s value is based on the offering price on a diluted basis, the investment would be worth TWD 1.19bn (USD 37.8m) which is about eight times its initial investment value.

Taiwan IC scrutiny

OmniVision’s seat on Xintec's board means the Chinese bid consortium’s offer, if made binding, will face scrutiny from the Taiwan Investment Commission (IC), said a source familiar with the Taiwanese company and a source familiar with the regulator.

Based on Taiwanese regulations, entities controlled by Chinese company/funds are not allowed to own controlling interests in Taiwanese semiconductor makers, including chip designers, wafer fabrication service providers, assembly and testing firms.

Taiwan IC is likely to request from OmniVision a mandatory resignation of its seat on Xintec's board, said the source familiar with the regulator. The source said OmniVision would be able to keep its stake in Xintec in part of a conditional approval. Typically, an IC review takes up to two months.

OmniVision contributed nearly 29% of Xintec's revenue in 2014 and ranked as its second largest customer, after Taiwan Semiconductor Manufacturing Corp (TSMC) [TPE:2330]. TSMC owns a 39% stake in Xintec and contributed 35% of revenue for the year ended 2014, according to Taiwan stock exchange database.

A spokesperson at Xintec said the proposed take-private offer from the Chinese consortium is unlikely to change the business partnership between Xintec and OmniVision given the high entry barrier of the wafer-level packaging technology used to make image sensors.

>>> Clariant denies takeover talks with Evonik

Clariant denies takeover talks with Evonik

Swiss chemicals specialist Clariant AG [VTX:CLN] is not in talks with Evonik Industries AG [ETR:EVK] over a potential takeover, according to a Clariant spokesperson.

It has been reported that German-based Evonik Industries was considering a bid for Clariant which could value the Swiss firm at CHF 23 (EUR 21.93) per share or CHF 7.3bn (EUR 6.96bn) in total.

Clariant is happy with the firm’s current portfolio, as it is and believes it is the best owner for the company, the spokesperson said in response to questions regarding the market rumours. The spokesperson added that the rumours have been going on for over six months.

The company does not have any plans for large M&A transactions at the moment and, if anything, it would only be small bolt-on acquisitions with small-cap businesses, he added.

Today’s reports could be an attempt by Evonik to exert pressure on Clariant’s expectations for a higher offer price, a sector banker speculated.

Evonik Industries declined to comment on the market speculation.

(BofA-ML) Selloff seems overdone, creates enhanced opportunity

SOX down 4%, we think move is overdone
US semiconductor stocks (SOX) are down around 4% today on: 1) increasing noise
around emerging market demand weakness, as we recently noted in our Taiwan
conference note; 2) continued FX volatility; and 3) likely, end of quarter repositioning
in the semis sector where stocks/trading multiples have appreciated significantly in
the last year. This volatility could continue until start of earnings in mid-April, but we
believe the pullback could create particularly attractive opportunities in
fundamentally attractive stocks. We reiterate buy on NXPI, SWKS, AVGO, TXN,
QRVO, NVDA and INTC.

(GS) Semi sell off: MCHP part two or a bigger deal this time around?

* Semi sell off, MCHP part two or a bigger deal this time around? 
Semi & SPE stocks sold off sharply on 3/25 (SOX down 4.6% vs. S&P down 1.5%) with weakness attributed to TSM’s comments at a conference. TSM stated that customer inventory is now elevated due to FX-related disruptions in demand, and also noted that it expects to save several hundred million due to equipment reuse (vs. 2015 capex guidance of $11.5- $12.0 bn). We believe the key question is whether this sell off is a buying opportunity similar to MCHP’s negative preannouncement in October (when the SOX declined 11% before rallying 25% through year-end) or the start of a more protracted downturn in semi fundamentals and the stocks.

* We highlight important differences between March 2015 and October 2014. 
1) TSM is an industry bellwether, and its comments on fundamentalweakness came less than two weeks after a negative preannouncement by Intel (another bellwether). While Microchip is an important company in the MCU segment, this segment is relatively narrow vs. the broader industry.
2) Many semis cut numbers for 4Q but no others supported the view of an industry correction. This enabled investors to buy the dip with the belief that the semi fundamental upturn was intact (contrary to our view).

* The direction of stocks from here: In order for investors to have the confidence to buy this dip aggressively, we believe several bellwethers will need to assure investors that fundamentals are intact during the upcoming earnings season (in ~2-3 weeks). We have discussed this cycle that the majority of semi stock performance has been driven by multiple expansion (rather than estimate increases), with a few notable exceptions (Exhibit 1). We believe the market has justified multiple expansion based on the view that semis are no longer cyclical. As a result, we expect that protracted fundamental weakness would likely drive severe multiple contraction and we reiterate our Cautious sector rating on Semis.

* What about semi equipment? As occurred in Oct. 2014, SPE stocks got caught up in cautious semis news flow. We do not believe TSM’s comments on equipment reuse warranted a sell off in SPE stocks (LRCX down 7.6%) but
believe investors were also reacting to market debate concerning Samsung’s memory wafer capacity and an anticipated Intel capex cut to offset the cash flow impact of its revenue shortfall. Similar to October (when we used the sell off in LRCX as an opportunity to add the stock to the CL), we see the current sell off as overdone in the context of the impact to Lam’s actual fundamentals and we would be buying LRCX on the weakness.