Published: Monday October 8, 2012 MYT 9:49:00 AM
Semperit AG Holding makes RM603m takeover offer for Latexx
By Joseph Chin
Its unit, Semperit Investments Asia, said on Monday it had made a voluntary conditional cash offer for the medical gloves producer at a price of RM 2.30 per share and RM1.77 per warrant.
It said the share offer price of RM 2.30 was a premium of 28.5% to the closing price on Oct 5, 2012 and 36.9% to the one-month volume weighted average price (VWAP)
Semperit Investments said the warrant offer price of RM 1.77 per warrant represents a premium of 36.2% to the closing price on Oct 5 and 50.0% to the one-month VWAP.
"The share offer price and warrant offer price represent an attractive premium over the trading prices of Latexx Partners' shares and warrants respectively, and shareholders and warrant holders may realise their investment at the attractive premium without incurring brokerage and other trading costs," it said.
Latexx Partners chairman and CEO Low Bok Tek had entered into a share sale agreement with Semperit Investments Asia to divest his entire shares and warrants holding comprising 65.0 million ordinary shares (29.3% of the ordinary shares outstanding) and 35.0 million warrants.
Semperit Investments Asia has entered into put and call option agreements with eight other holders of shares and warrants in Latexx Partners who together hold 20.2 million ordinary shares (representing 9.1% of the ordinary shares outstanding) and 9.6 million warrants in Latexx Partners.
"The put and call option agreements are subject to the completion of the share sale agreement between Semperit Investments Asia and Low Bok Tek," it said.