AU Optronics denies ADR issue price will be discounted
At its May 21 shareholders meeting, AU Optronics (AUO) strongly denied rumors that it will discount its ADR (American depositary receipt) issue price, which is yet to be decided with its underwriters. However, the rumors probably were the major cause for the net selling of 37 million AUO shares by institutional investors and the sharp decline of AUO's stock price from NT$50 to NT$40.6 on the Taiwan Stock Exchange (TSE) in the past four trading days up to May 21 before recovering slightly to NT$41.7 on May 22. The sharp price decline probably has also made discounting its ADR issue price unnecessary.
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