Competition watchdog approves BRC Asia's takeover offer for Lee Metal

THE Competition and Consumer Commission of Singapore has approved steel prefabrication company BRC Asia's voluntary conditional cash offer to buy fellow steel player Lee Metal Group.

This means all preconditions for the offer have been satisfied.

BRC Asia is offering to buy Lee Metal at an offer price of 42 Singapore cents for each share, with the aim of delisting the company if it achieves the requisite acceptances.

BRC Asia said it has no intention to introduce any major changes to the business, discontinue the employment of any of the existing employees of Lee Metal, or redeploy any of its fixed assets, other than in the ordinary course of business.

BRC Asia has received undertakings from some shareholders to accept the voluntary cash offer in respect of shares comprising a 48.06 per cent stake in Lee Metal.