Sinochem International Corporation is proposing the merger of its natural rubber assets in GMG Global and Halcyon Agri Corp. to form “the world's largest natural rubber company”.
Sinochem is making an offer of 75 cents for each Halcyon share to vendor shareholders Angsana Capital, Clear Tower Investments Limited, Pascal Guy Chung Wei Demierre, Andrew Trevatt and Leonard Beschizza.
The offer price is 18.1% higher than the last transacted price of 63.5 cents on Jan 11 before news articles were published asserting that Halcyon was in discussions with Sinochem on a potential transaction.
Sinochem says the vendor shareholders as well as Sam Goi Seng Hui and Credence Capital Fund II (Cayman), who collectively own an aggregate of 376.4 million Halcyon shares, representing a 62.73% stake, have undertaken to vote in favour of selling their Halcyon shares.
Upon completion of the acquisition, Halcyon will acquire a majority stake in GMG Global by making an offer for all the shares in GMG other than those it already owned. The consideration will be satisfied by the issuance of 0.9333 new Halcyon shares for every one GMG share.
Halcyon will then acquire for $210 million all the shares in a new company to be set up by SIO to deal with natural rubber processing and trading. This will be satisfied by the allotment and issuance of 280 million new Halcyon shares.
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Sinochem is making an offer of 75 cents for each Halcyon share to vendor shareholders Angsana Capital, Clear Tower Investments Limited, Pascal Guy Chung Wei Demierre, Andrew Trevatt and Leonard Beschizza.
The offer price is 18.1% higher than the last transacted price of 63.5 cents on Jan 11 before news articles were published asserting that Halcyon was in discussions with Sinochem on a potential transaction.
Sinochem says the vendor shareholders as well as Sam Goi Seng Hui and Credence Capital Fund II (Cayman), who collectively own an aggregate of 376.4 million Halcyon shares, representing a 62.73% stake, have undertaken to vote in favour of selling their Halcyon shares.
Upon completion of the acquisition, Halcyon will acquire a majority stake in GMG Global by making an offer for all the shares in GMG other than those it already owned. The consideration will be satisfied by the issuance of 0.9333 new Halcyon shares for every one GMG share.
Halcyon will then acquire for $210 million all the shares in a new company to be set up by SIO to deal with natural rubber processing and trading. This will be satisfied by the allotment and issuance of 280 million new Halcyon shares.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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