ASM International plans up to $277 mln selldown in ASM Pacific

HONG KONG, April 24 (Reuters) - Dutch semiconductor

equipment supplier ASM International said on Monday it

plans to reduce its stake in Asian affiliate ASM Pacific

Technology Ltd in a deal that may be worth up to $277

million, according to a term sheet seen by Reuters.

ASM International said in a securities filing it plans to

sell 20 million shares of ASM Pacific, equivalent to a 5 percent

stake, and use the proceeds for a new share buyback program.

HSBC has been hired as bookrunner for the sale, the filing

added, without giving details of the deal.

The company is offersing the shares in a price range of

HK$105.00 to HK$107.50 each, equivalent to a discount of up to

8.5 percent to ASM Pacific's closing price of HK$114.80 on

Monday, according to the term sheet. That would put the sale at

up to HK$2.15 billion ($276.5 million).

ASM Pacific's shares have jumped nearly 40 percent so far in

2017, reaching HK$116.20 on Monday, its highest level in five

years, before paring some gains.

($1 = 7.7771 Hong Kong dollars)

(Reporting by Elzio Barreto; Editing by Biju Dwarakanath)