By Lisa Kerner
Charlotte, N.C., June 9 - Nam Tai Electronics, Inc. made a second voluntary conditional offer to privatize its 74.88% subsidiary Nam Tai Electronic & Electrical Products Ltd., it was announced on Tuesday.
According to Nam Tai, it is offering $0.20 per NTEEP share for a total cash consideration of approximately $43.5 million.
Nam Tai said it would fund the transaction using its internal resources.
The offer, conditioned upon Nam Tai receiving at least 90% of the offer shares, is expected to close around the end of June or early July.
The company said a prior miscommunication by the Central Clearing and Settlement System of Hong Kong Securities Clearing Co. interfered with its attempt to privatize NTEEP earlier this year.
Nam Tai, based in Shenzhen, China, provides electronics manufacturing and design services to telecommunications and consumer electronic products original equipment manufacturers. Its subsidiary is listed on the Hong Kong Stock Exchange.
| Acquirer: | Nam Tai Electronics, Inc.
|
| Target: | Nam Tai Electronic & Electrical Products Ltd.
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| Announcement date: | June 9
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| Price per share: | $0.20
|
| Expected closing: | End of June or early July 2009
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