Global Testing shares jump 113.59% after cash takeover offer at 129.31% premium
Key Facts
Global Testing Corporation shares jumped 113.59% in the November 11, 2026 session, according to the daily movers page, which listed the share price date as that day, after Tong Hsing Electronics announced a proposal to acquire the company. Tong Hsing said in an announcement dated November 9 that its board had approved proceeding with the deal through a scheme of arrangement to acquire all of the company's shares listed in Singapore. The price move puts the specified cash offer at the center of investor attention, with a price of S$2.30 per share. Tong Hsing said the price represents a premium of about 129.31% to GTC's volume-weighted average price over the month before its last trading day. The proposal remains subject to conditions and approvals, so the share's rise does not mean the acquisition has been completed.
The deal targets 33,351,527 ordinary shares in GTC, according to Tong Hsing's announcement, which also set out the proposed legal route to completion. Completion of the acquisition requires approval from GTC shareholders at an extraordinary general meeting, as well as approval from the Investment Review Committee of Taiwan's Ministry of Economic Affairs. Approval from the Singapore Exchange and the Singapore court is also required, according to the announcement. The deal therefore depends not only on approval by the buyer's board, but also on securing approvals from shareholders and relevant authorities in Taiwan and Singapore. The announcement did not specify a deadline for completing these procedures in the information available.
Tong Hsing said the deal would complement its packaging business with GTC's semiconductor testing capabilities and support its transformation from a "traditional packaging manufacturer" into an "integrated packaging and testing services provider." According to the company, the plan rests on combining GTC's testing technology and platforms, engineering expertise, production capacity, customer base and specialized team with Tong Hsing's packaging resources. The company described the rationale as business complementarity and alignment with its long-term strategy. This means the proposed acquisition aims to broaden the range of services Tong Hsing offers by bringing two connected stages of semiconductor work under the same group. The announcement provided no figures for expected savings or additional revenue from this integration.
GTC is a Singapore-listed holding company, while its operating activity in semiconductor testing is conducted through a wholly owned subsidiary in Taiwan. According to Tong Hsing's description, the subsidiary 寰邦科技股份有限公司 represents the operating business, with its main manufacturing sites and operations concentrated in Taiwan. This structure places the target between its listing market in Singapore and its operating center in Taiwan, where approvals will be required as part of the deal process. The business is also directly linked to Tong Hsing's plan to add testing capabilities to its packaging resources. This context gives the takeover offer an operational dimension beyond the transfer of ownership in a holding company.
Tong Hsing said it intends to fund the cash consideration from its own funds and pay shareholders within 7 business days of the scheme record date. That date will be set after all conditions of the scheme of arrangement have been satisfied, according to the announcement, linking the payment timing to completion of the approvals and preceding conditions. If the deal is completed, GTC will be delisted from the Singapore Exchange and become a wholly owned subsidiary of Tong Hsing. The company added that it would continue operating GTC after the acquisition. These steps remain subject to approval from GTC shareholders, the relevant authorities in Taiwan and Singapore, and the Singapore court.