In today’s briefing:
- WT Micro’s Offer For Excelpoint Tech
- Excelpoint’s Privatisation Offer from WT
WT Micro’s Offer For Excelpoint Tech
- WT Microelectronics (3036 TT) has entered into an agreement to acquire electronic component distributor Excelpoint Technology (EXLP SP) by way of a Scheme at a cash consideration of S$1.93/share.
- This is an Offer premium 7.8% to last close but a 21.4% premium prior to the announcement Excelpoint was in discussions with a third party involving the company’s shares.
- Albert Phuay (founder and CEO) will reinvest part of his cash consideration under the Scheme in 20% equity of the Acquiring Entity, with the balance 80% stake owned by WT.
Excelpoint’s Privatisation Offer from WT
- WT Microelectronics (3036 TT) will offer S$1.93 in cash and a final FY2021 dividend (ex-div date: 28 April, payment date: 13 May) of S$0.088 for a total consideration of S$2.018.
- The key scheme conditions are shareholder approval and Court approval. The scheme meeting will be held sometime in late June to early July.
- The offer price represents a 10-year share price high. At the last close of S$1.96, the gross and annualised spread for a mid-Sep effective date is 3.0% and 7.1%, respectively.
Before it’s here, it’s on Smartkarma
