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GP Industries Limited plans to launch a voluntary conditional cash offer for GP Batteries International at S$1.30 per share in a bid to privatise and delist the latter.
The offer will be made if the pre-condition of obtaining approval from shareholders of Hong Kong-listed Gold Peak Industries (Holdings) (GPH) - which holds 85.47 per cent of the offeror GP Industries - is fulfilled at a general meeting within six months.
The offer price represents a premium of 61.1 per cent and 61.5 per cent above the six-month and 12-month volume-weighted average price respectively. It will be final as the offeror does not intend to revise the offer price.
GP industries already own 64.88 per cent stake in GP Batteries. It said in an announcement on Friday: "The offeror believes that the offer presents GP Batteries shareholders with an opportunity to realise their investment in GP Batteries shares at a premium to the market trading price."
The delisting and privatisation of GP Batteries also will allow more flexibility to manage the business of the company, optimise the use of its management and resources and facilitate the implementation of any strategic alternatives and operational changes, it added, among other reasons for the move.