You are here
Asia-Pacific Strategic Investments issues letter of offer to acquire shares in IPC
ASIA-PACIFIC Strategic Investments Ltd said it has entered into a conditional letter of offer to acquire shares in IPC Corporation Ltd from its existing shareholders.
If the purchase goes through, the group will end up with a 46.91 per cent interest in IPC, which will trigger a mandatory unconditional offer for IPC under Singapore's takeover code.
Those who agreed to sell shares in IPC to the group are billionaire businessman Oei Hong Leong, IPC chief executive and chairman Patrick Ngiam, IPC managing director Benjamin Ngiam, IPC executive directors Alfred Ngiam and Lauw Hui Kian, Essex Investments (S) Pte Ltd and their nominees.
Asia-Pacific Strategic Investments said it is looking to pay for the proposed acquisition via the issuance of shares in the ratio of 133 new shares for every IPC share. Any fractional entitlements to such consideration shares will be rounded down to the nearest whole share.
This offer arrangement represents a 28.2 per cent premium to the last traded price of IPC shares on Jan 26, and a 6.6 per cent discount to the volume-weighted average price for the three-month period to Jan 26.
The group said that it is making the proposed acquisition with the objective of integrating the business of IPC into the group and its subsidiaries.
Shareholders' approval is required for the proposed transaction and the issuance of new shares to the IPC vendors; the group also requires in-principle approval from the Singapore Exchange for the listing and quotation of the new shares.