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Update: Baring Asia said to plan takeover offer for CVC-backed Interplex
[SINGAPORE] Baring Private Equity Asia is planning an offer for a majority stake in Interplex Holdings Ltd, a maker of precision components backed by CVC Capital Partners, people with knowledge of the matter said.
The buyout firm's bid for the stakes held by CVC and Standard Chartered Private Equity could be announced as soon as Wednesday in Singapore, the people said, asking not to be identified as the information is private. Interplex shares have risen 25 per cent in Singapore trading this year, giving the company a market value of S$389 million.
Shares of Interplex were halted from trading Wednesday, pending the release of an announcement. Any purchase of the buyout firms' holdings in Interplex would trigger a general offer for the remaining shares under Singapore takeover rules.
Interplex, formerly known as Amtek Engineering Ltd, is looking to markets outside Asia while boosting research and development services, chief executive officer Daniel Yeong said in a June interview.
The company employs over 13,000 workers and has more than 40 manufacturing plants in 13 countries, according to its website. Spokeswomen for CVC and Standard Chartered Private Equity declined to comment, while a representative for Baring said she couldn't immediately comment. Interplex declined to comment in an e-mailed statement.
In 2007, a consortium led by CVC and Standard Chartered Private Equity offered to buy the shares of Amtek it didn't already own in a deal valuing the company at S$552 million. The company raised US$203 million when it relisted on the Singapore exchange in 2010, data compiled by Bloomberg show.