02 Mar 2015
Proposed Conditional Cash Exit Offer for Action Asia Limited
Danny Lim, Bernia Tan and Mariana Lesmana from the Capital Markets / M&A Practice Group are acting for Almond Garden Corp. ("AGC"), a wholly-owned subsidiary of Action Electronics Co., Ltd. (which is listed on the Taiwan Stock Exchange) in the proposed conditional cash exit offer ("Exit Offer") by SAC Capital Private Limited, for and on behalf of AGC, to acquire all the issued and paid-up ordinary shares in the capital of Action Asia Limited (“AAL”) (excluding treasury shares), other than those shares already owned, controlled or agreed to be acquired by AGC and parties acting in concert with it as at the date of the Exit Offer, but including the shares which are the subject of the Directors' Irrevocable Undertakings (as defined in the joint offer announcement dated 27 February 2015), in connection with the proposed voluntary delisting of AAL from the Main Board of the Singapore Exchange Securities Trading Limited.
Based on the offer price of S$0.19 per share, the target group is valued at approximately S$75.6 million. The target group is engaged in the design, manufacture and assembly of mobile audio and video electronic products for lifestyle entertainment and in-car entertainment multimedia products (such as multi-functional digital video player, digital photo frame and digital mobile television).