Singapore-listed Innovalues, which specialises in the manufacturing of customised precision machine parts and components, has received a S$331.4 million takeover offer from Singapore-based private equity group Northstar. (Straits Times News)
The offer is for S$1.01 in cash per share via a scheme of arrangement. The offer price represents a premium of 30.5 per cent to the 12-month volume weighted average price (VWAP) of Innovalues shares to April 6, that being the last trading day prior to the date on which the company informed shareholders of a possible transaction
The offer comes from Precision Solutions Ltd, an indirect wholly-owned subsidiary of Northstar Equity Partners IV Ltd, which is an investment fund advised and managed by Northstar Advisors Pte Ltd, the parties said in a joint statement on Wednesday (Oct 26).