Singapore’s Swiber has said it has received an S$256.2 million
($206.31 million) offer from compatriot investment firm SEA9 for its
57.5% stake in subsea player Kreuz Holdings.
Swiber said the proposed takeover “represents a clean cash
exit opportunity for the company to realise its entire investment at an
Swiber’s board has backed the proposed scheme of arrangement
under which SEA9 would buy its 320.25 million Kreuz shares for S$0.80 each, a
premium of around 39.6% on the 12-month average price of the stock.
Singapore-listed Kreuz Holdings is an integrated subsea
services provider with a book value and net tangible asset value of S$249.8
million as of 30 September.
Swiber said it stood to make a net gain of $90.1 million on the deal after settlement of receivables and payables.
Directors of Swiber representing around 21% of Kreuz
shareholders have agreed to back the scheme, which will be put forward for
approval at a forthcoming extraordinary general meeting.
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Last updated: 16 Oct 2016
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