Martin Lee @ Sg
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KKR to Acquire Unisteel Technology

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:

Proposed Acquisition of Unisteel Technology by Kohlberg Kravis Roberts & Co (KKR)

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:

Scheme of Arrangement for KKR Acquisition of Unisteel Technology

To all Unisteel shareholders, congratulations! 🙂

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