Donaco International (ASX:DNA) entered into a binding scheme implementation deed with On Nut Road for On Nut Road to acquire Donaco shares that it does not already own via a scheme of arrangement for AU$0.045 cash per share, according to a Monday Australian bourse filing.
On Nut Road, which holds a 12.84% stake in Donaco, is a special-purpose vehicle managed by Argyle Street Management, a Hong Kong licensed fund manager.
The Donaco board recommends that shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert concluding it is in the best interest of shareholders.
Donaco's largest shareholders, Lee Bug Huy and Lee Bug Tong, who collectively hold a stake of 42.17% of Donaco, indicated their support for the proposed acquisition.
Donaco International's shares rose almost 37% in recent trading on Monday, earlier hitting a 52-week high.
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