Just a day after Unisteel posted an announcement requesting for a suspension in the trading of their shares and a cautionary note saying that the transaction may or may not materialise, they released this piece of news today:
From the press release, we find out that KKR, a leading global alternative asset manager, has offered to pay S$1.95 per share, or S$785 million for Unisteel. The offered price is a 19.6% premium to the closing price of Unisteel the day before trading was halted.
The two parties have agreed to a deal.
The price of $1.95 is at 17.7 times of the unaudited full year earnings of Unisteel for the 12 months ending 31st March 2008. It is also at multiple of 5.8 times the price-to-net tangible assets based on the audited net tangible assets per share as at 31st March 2008.
The full offer document can be found here:
To all Unisteel shareholders, congratulations! 🙂