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See the best of Reuters photography. See more | Photo caption Life in Ecuador A look at life in the South American country of Ecuador. Slideshow The last Southern barbecues There are only 10 to 15 BBQ pits throughout the American South still using the old-time fire coal pit method. Slideshow Taiwan chip designer Mediatek offers to buy rival Mstar Tweet Share this Email Print Analysis & Opinion Wall Street’s preference for low-priced stocks Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » TAIPEI | Fri Jun 22, 2012 6:49am EDT TAIPEI (Reuters) - Taiwanese chip designer Mediatek offered to buy rival Mstar Semiconductor to boost their competitiveness in the fast-growing market for chips that power mobile devices and new gadgets like smart TVs. Demand for such devices may increase around 40 percent annually until 2014, according to Nomura Research. With aggressive and cashed-up companies including Samsung Electronics entering the market, smaller players need to find ways to boost their presence. "Facing intense worldwide competition and fast-changing market dynamics, we believe that the combined company will be in a strong position to compete and will further elevate MediaTek's global competitiveness," MediaTek Chairman M.K. Tsai said in a statement on Friday. MediaTek is offering 0.794 of its own shares and T$1 in cash for every MStar share, or T$218.56 per share, which would value the whole of MStar at about $3.8 billion based on Friday's closing share price and total shares issued of 529.4 million, according to Reuters data. Mediatek plans to acquire 40 percent to 48 percent of MStar through the offer and will at a later date buy the rest of the company, the statement said. The deal was good value for MStar as the price represented around a 20 percent premium to its share price, Fubon Securities analyst William Wang said. "The two companies are complementary in the TV and smartphone market, so it's very positive," Wang said, adding that the merged company would have around 60 percent of market share, giving itself more pricing power. The deal will lead to more efficient allocation of the companies' resources, Wayne Liang, chairman of MStar, said in the statement. Shares of Mediatek and MStar both closed 1.11 percent higher before the announcement at T$274 and T$182.5 respectively, compared with a 0.78 percent drop in the broader market. "This purchase can help Mediatek stabilize its market share in 2G chips and focus on 3G, where the biggest rival is Qualcomm," said IBTS Investment Consultation Co analyst Fred Yu, adding that Mediatek has been losing share in the 2G market to MStar. (Reporting by Clare Jim; Editing by Jonathan Standing and Ryan Woo) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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