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Interplex, former Amtek, receives takeover offer at S$0.82 a share
PRECISION engineering firm Interplex, formerly known as Amtek Engineering, has received a takeover offer at S$0.82 a share.
The offer is 15.5 per cent above the last traded price of S$0.71, and 19.4 per cent above the 12-month volume weighted average price of the firm.
The offeror is an investment vehicle of The Baring Asia Private Equity Fund VI.
The price represents the winning bid emerging from a competitive sale process by major shareholders CVC Capital Partners-backed Metcomp Group Holdings and Standard Chartered Private Equity.
"The offer represents an opportunity for Baring to acquire control in a precision engineering company with a strong track record, global manufacturing footprint and diversified customer base," a press release announcing the offer on Wednesday night said.
"Subject to normal business considerations, Baring does not intend to make changes to the management team of Interplex. Baring currently also has no intention to introduce any major changes to the existing business and employment contracts of Interplex, or redeploy its fixed assets, other than in the ordinary course of business."