Adventa gets revised takeover offer from Aspion (7191)

PETALING JAYA: Adventa Bhd has received a revised takeover offer from Aspion Sdn Bhd, which will exclude the shares in two companies – Sun Healthcare (M) Sdn Bhd and Electron Beam Sdn Bhd.
However,
the manufacturer and distributor of medical products told Bursa
Malaysia that the offer price of RM320.85mil, or RM2.10 per Adventa
share, remained unchanged under the revised offer.
On Monday, Adventa entered into a deal with Genson Technology Inc, a company incorporated in Hong Kong, to buy a 100% stake in Electron Beam Sdn Bhd for RM9mil.
The purchase included Electron Beam’s 100%-owned subsidiary Lucenxia (M) Sdn Bhd.
Electron Beam provides industrial and commercial sterilisation services, while Lucenxia provides home dialysis treatment.
According
to Adventa, the RM9mil price tag for Electron Beam was equivalent to
1.36 times of the net assets of Electron Beam, based on its unaudited
management accounts as at June 30, 2012.
The acquisition will be via internally-generated funds, and is expected to be completed soon.
Adventa
said the rationale was for the company to expand further downstream
into medical devices’ critical processing that required precise and
quality sterilisation.
To recap, Adventa had announced on July 10 that it had received a takeover offer from Aspion.
The ultimate and indirect shareholders of Aspion were Adventa’s present chief executive officer, Low Chin Guan, and Mulberry Asia Fund II LP with 30% and 70% stakes respectively.
Low is also a major shareholder of Adventa, holding a 38.25% stake.
Pending
approvals, Aspion also proposed that Adventa would declare a
distribution of at least RM1.70 per share to all Adventa shareholders.
Trading in Adventa’s stock was halted for one hour yesterday.
The company’s stock closed unchanged at RM1.93 yesterday.
-ENDs.