Dutch firm moves to privatise Grand Venture Technology at S$0.94 apiece
The offeror is proposing to acquire all issued and paid-up ordinary shares in the company's share capital, comprising some 339.3 million shares worth S$87.3 million, at S$0.94 apiece.
Shareholders who collectively hold around 64.2 per cent of the company's total shares have given irrevocable undertakings to the offeror, the companies said.
They added that the scheme consideration represents a premium of 11.9 per cent over the latest traded price of shares of S$0.84 on the company's last undisturbed trading day on May 30, 2025.
This was before the company announced on Jun 1, 2025, that it had entered confidential discussions relating to a possible transaction involving its shares.
As the trading volume of Grand Venture's shares have been relatively low, the scheme provides shareholders the option to realise their investment for cash without incurring any brokerage or other trading costs, the two companies said.
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The offer is also a strategic opportunity for the offeror to enter the South-east Asia semiconductor market by leveraging Grand Venture's production capabilities, the two companies said.
The offeror, Aalberts Advanced Mechatronics, is incorporated in the Netherlands and is an indirect wholly owned subsidiary of the Aalberts group, which is listed on Euronext Amsterdam.
Aalberts Advanced Mechatronics intends to delist Grand Venture from the Singapore Exchange once the scheme is completed.
For the scheme to be passed, it requires approval from shareholders who represent at least 75 per cent of the value of the shares held by shareholders present and voting, either in person or by proxy, at the scheme meeting.
Shares of Grand Venture closed on Wednesday at S$0.955, up by 1.1 per cent or S$0.01, before the company called for a trading halt on Thursday morning.
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