Japfa (SGX:UD2) received a proposed privatization offer via a scheme of arrangement, offering shareholders SG$0.62 in cash per share, representing a 34.8% premium to the last traded price on Jan. 15, according to a Friday filing on the Singapore Exchange.
The offer also provides premiums of up to 93.1% over various historical VWAPs and 12.7% above its net asset value as of Sept. 30, 2024.
The joint offerors - TAC 1 Pte. Ltd. and TAC 2 Pte. Ltd. - comprise entities owned by Renaldo Santosa, Gabriella Santosa, and Rachel Anastasia Kolonas. The scheme, targeting 18.33% of Japfa's outstanding shares, excludes holdings by controlling shareholders, who own 81.67%.
Four undertaking shareholders, including Japfa's chief executive officer and chief financial officer, have committed to vote in favor of the proposal, collectively representing 4.44% of shares.
The joint offerors tapped DBS Bank to be the sole financial adviser with respect to the acquisition and thew scheme, while W Capital Markets was appointed to be the independent financial adviser to the scheme shareholders.
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