HONG Kong-listed manufacturer Kingboard Holdings is offering HK$18.07 per share, or US$2.33 at the current exchange rate, to take printed circuit board manufacturer Elec & Eltek International Holdings (E&E) private. Read more at The Business Times.
The offer is conditional upon Kingboard receiving valid acceptances of 90 per cent of the shaes it does not already own or have an interest in, which would allow Kingboard to compulsorily acquire all remaining shares. Failing this, the offer will lapse.The privatisation will cost Kingboard HK$891 million, if successful.
It will also explore the possibility of re-aligning or re-deploying E&E assets and assess opportunities to enhance the circuit board-maker's financial flexibility.
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