Monday July 31, 2006

Venture moves to take over GES in near-$1b deal

business-times.asia1.com.sg :

Venture Corp said it wants to buy computer related products maker GES International in a $1 billion deal that would be the largest all-cash purchase of a Singapore tech company since 2000. Venture said it will offer $1.25 a share for GES shares, 19% above GES's closing price of $1.05 on Tuesday. Venture said that if its offer succeeds, it will apply to delist GES from the Singapore Exchange (SGX). Taking into account outstanding options, Venture will have to pay $980 million for GES. Venture said it expects the proposed purchase - to be funded through cash and borrowings - to be completed in the fourth quarter.

Based on market capitalisation, Venture and GES are the two biggest players in the electronics manufacturing services and original design and manufacturing (ODM) segment here. Besides synergistic benefits, Venture expects to reap cost savings. GES is the major ODM partner for IBM's POS machines. The success of the GES-IBM partnership has led to global blue-chip company NCR being a client.

- Looks like the current wave of merger mania has hit Singapore too.

(2006-07-31 12:58:39 SGT) [Biz] Permalink

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