Taiwan Mobile (3045) said on Aug. 12 that its board had approved a major investment plan, with subsidiary Taisun Telecom set to launch a tender offer for Systex (6214). The offer proposes NT$92.5 in cash plus 0.84 Taiwan Mobile common shares for each Systex common share, with the aim of acquiring at least 39% and up to 58% of Systex and securing effective control.
Using market value on the announcement date, the implied consideration is about NT$184.5 per share. That represents a 29.5% premium to Systex’s closing price of NT$142.5 on the day of the announcement, and it is also above Systex’s historical high of NT$172.5.
Deal value estimated at NT$19.58 billion to NT$29.13 billion
The tender offer will be carried out by Taisun Telecom, a Taiwan Mobile subsidiary. The total deal size is estimated at between NT$19.58 billion and NT$29.13 billion.
On the financing structure, the stock portion of the consideration will come from existing Taiwan Mobile treasury shares already held by Taisun Telecom, rather than newly issued shares. The company said this structure reduces dilution for Taiwan Mobile’s existing shareholders.
The transaction is subject to two main conditions: a minimum tender threshold of 39% and approval from the Fair Trade Commission.
Strategic rationale centers on CT and IT integration
Two years ago, Taiwan Mobile invested NT$3.97 billion to acquire an 11.86% stake in Systex, a move described at the time as a strategic investment. On why the company is now offering a much higher price to pursue a stronger acquisition, Business Next reported that the investment is intended to combine resources across communications technology, or CT, and information technology, or IT.
Taiwan Mobile has base network infrastructure, an Internet Data Center, or IDC, and 25MW of AI data center computing capacity. Systex brings an enterprise client base and its Ai4iA industry application offering. If the acquisition closes, and Systex’s revenue is consolidated into the group’s financial statements, the group’s revenue scale is projected to exceed NT$242.7 billion.
The two companies also plan to raise their combined share of Taiwan’s information services market from about 7% currently to 14% within five to six years, while expanding together into Southeast Asia and Japan.
Retail shareholders can tender during the offer period
For investors who already hold Systex shares, the tender period runs from Aug. 18 to Oct. 6, 2026. Shareholders with either round lots or odd lots can apply during that period through the 「public tender offer / share tender」 section in their broker app, or by visiting a brokerage counter in person.
For example, an investor tendering one standard lot, or 1,000 Systex shares, and completing settlement successfully would receive NT$92,500 in cash and 840 shares of Taiwan Mobile stock.
Key risks include proration, price swings and fees
The offer carries a 58% cap. If participation is unusually strong, for example if total tendered shares reach 70%, Taiwan Mobile will use prorated acceptance. Shares in excess of the accepted amount would be returned to the investor’s custody account, and any untaken shares would remain exposed to market price pullback risk.
The stock component of the consideration will also fluctuate with Taiwan Mobile’s share price during the tender period. If Taiwan Mobile shares fall, the overall premium will narrow.
Investors whose tender is accepted will need to pay a 0.3% securities transaction tax, along with brokerage and depository processing fees of around NT$20 to NT$50. For holders of only a very small number of odd-lot shares, those fees can account for a larger share of the proceeds.
Systex hit limit up; Taiwan Mobile slipped 1.37% before publication
ABMedia said Systex was locked at limit up right after the market opened on the day, while Taiwan Mobile shares were down 1.37% before publication. For retail investors who did not already own Systex and were considering joining the premium spread trade, the gap may have narrowed considerably by the time they were able to buy shares.
The transaction still requires the minimum 39% tender threshold and Fair Trade Commission approval.