In today’s briefing:
- Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion
- Excelpoint Tech (EXLP SP): Scheme Doc Out. 10th August Shareholder Meeting
Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion
- Unsurprisingly, the independent financial advisor (IFA) considers WT Microelectronics (3036 TT)‘s S$1.93 offer for Excelpoint Technology (EXLP SP) to be fair and reasonable. We think that IFA’s valuation approach is sound.
- The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August.
- We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.
Excelpoint Tech (EXLP SP): Scheme Doc Out. 10th August Shareholder Meeting
- On the 13 April, WT Microelectronics (3036 TT) entered into an agreement to acquire electronic component distributor Excelpoint Technology (EXLP SP) by way of a Scheme.
- The cash consideration of S$1.93/share was a 7.8% premium to last close, but a 21.4% premium to the undisturbed price.
- The Scheme Doc is out. The Scheme Meeting will be held on the 10th August. The IFA considers the terms to be fair. Settlement is expected by the 15th September.
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