Tat Hong Holdings yesterday announced a takeover bid for Tutt Bryant, a subsidiary listed on the ASX. The company already owns 100,650,051 shares of Tutt Bryant (70.36%), and will offer A$0.92 for the remaining shares it does not own. The offer (which will cost Tat Hong A$39.02 million) will be funded from both internal resources and bank facilities, and is a 46% premium to the traded price on 14 July 2010, the day before the announcement of the offer. The acquisition of Tutt Bryant will boost consolidated earnings, and also book value (the book value of Tutt Bryant is about A$1.12, but NTA approximately A$0.84), while gearing is only expected to rise slightly.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment