SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2003
Commission File Number: 000-30540
GIGAMEDIA LIMITED
122 TunHua North Road, 14th Floor
Taipei, Taiwan (R.O.C.)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F [ x ] Form 40-F [ ]
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [ ] No [ x ]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b) :82- .)
GIGAMEDIA LIMITED is furnishing under cover of Form 6-K:
GIGAMEDIA RECEIVES EXTENSION OF TIME FROM MANAGEMENT TEAM
[GIGAMEDIA LOGO]
GIGAMEDIA RECEIVES EXTENSION OF TIME FROM
MANAGEMENT TEAM
TAIPEI, Taiwan, June 20, 2003 - GigaMedia Limited ("GigaMedia" or the "Company")
(Nasdaq: GIGM, www.giga.net.tw), a diversified provider of online and offline
entertainment services in Taiwan, refer to their previous announcements released
on 21 March 2003 and 13 June 2003, and wish to announce today that the board of
directors of the Company have received an extension of time from the senior
management team (the "Management Group") of GigaMedia to decide on whether they
are agreeable to continue discussions with the Management Group to privatize the
Company.
Under the terms of the extension provided by the Management Group, the directors
must respond by the end of the business day, Taipei, Taiwan time, June 30, 2003
whether they are agreeable to continue discussions with the Management Group. In
the event that they do not revert by that date, the Management Group is entitled
to treat all discussions as having been terminated.
The directors of GigaMedia wish to highlight that there is no assurance that the
proposed privatization will actually proceed. The Company will make an
appropriate announcement in the event that it enters into any definitive
agreement with the Management Group. In the meantime, the Company advises that
shareholders exercise caution when dealing with GigaMedia shares and that they
should not take any action which may be prejudicial to their interests.
ABOUT GIGAMEDIA
GigaMedia Limited (Nasdaq: GIGM) is a diversified provider of entertainment
services in Taiwan. The Company's online/offline business model provides the
Company multiple distribution channels, deep customer relationships and the
ability to meet future market demands as technology drives new media and
entertainment industry change.
Offline, GigaMedia operates Taiwan's two largest music store chains, Rose
Records and Tachung Records through its subsidiary G-Music. These businesses
were acquired in February and September of 2002, respectively, and together hold
approximately a 50% share of Taiwan's music retail market.
Online, the Company operates a leading broadband ISP, providing Internet access
service and broadband content with multiple delivery technologies. The Company's
access products consist of premium cable modem and ADSL offerings, giving the
company the ability to deliver superior broadband connections island-wide.
GigaMedia's cable modem is a world-class platform capable of offering broadband
Internet access at speeds of up to 100 times faster than traditional dial-up
services. With 21 cable system partners, the Company's cable modem business
passes more than 3.1 million Taiwan households, as well as 417,000 small and
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medium businesses. In addition, the Company offers interactive Chinese-language
multimedia Web sites through its Web destination http://www.gigigaga.com.
Other subsidiary companies of GigaMedia include Koos Broadband Telecom Limited,
a broadband service provider focused exclusively on corporate subscribers in
Taiwan.
Strategic investors of GigaMedia include the Koos Group, a major player in
Taiwan's manufacturing, finance, telecommunications, media, and cable
industries.
More information on GigaMedia can be obtained from .
The directors of GigaMedia (including any director who may have delegated
detailed supervision of this announcement) have taken all reasonable care to
ensure that the facts stated and opinions expressed in this announcement are
fair and accurate and that no material facts have been omitted from this
announcement (the omission of which would render any statement in this
announcement misleading in any material respect), and they jointly and severally
accept responsibility accordingly. Where any information has been extracted from
published or publicly available sources, the sole responsibility of the
directors of GigaMedia has been to ensure through reasonable enquiries that such
information is accurately extracted from such sources or, as the case may be,
reflected or reproduced in this announcement.
The statements included above and elsewhere in this press release that are not
historical in nature are "forward-looking statements" within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. GigaMedia cautions readers that forward-looking statements are based on
the company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those contained in such
forward-looking statements. Information as to those factors that could cause
actual results to vary can be found in GigaMedia's Annual Report on Form 20-F
filed with the United States Securities and Exchange Commission in June 2002.
CONTACT:
GIGAMEDIA LIMITED
Brad Miller, Investor Relations Director
886-2-8770-7966 ext. 1107
BRADLEY_MILLER@CORP.GIGA.NET.TW
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GigaMedia Limited
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(Registrant)
Date: June 23, 2003 By: /s/ Hsia, Winston
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(Signature)
Name: Hsia, Winston
Title: Chief Financial Officer