Navis’ Adampak takeover offer now unconditional

The Malaysia-based private equity firm plans to acquire around 134.724 million shares - equivalent to a 51.1% stake - at S$0.42 apiece. Adampak will be delisted from the SGX-ST Mainboard. The offer needs to be accepted by more than 90% of the shareholders, who have until May 29 to make their decision, unless another acceptance date is proposed.

Around 125.755 million shares come from four of Adampak's directors. Navis also bought 3.019 million shares - or 1.15% of the issued shares - on the open market this week.

"The speed of acceptance from shareholders is faster than we expected. We are pleased with the amount of acceptances that we have received thus far, and counting," said Jean-Christophe Marti, a partner at Navis in Singapore. "Navis intends to grow Adampak through geographical and service line expansions, and invest further in organic expansion of operations or through acquisitions."

Navis' acquisition will be made through Safe Label Group, an investment holding company controlled by the $1.17 billion Navis Fund VI, which was established in September 2008.

Founded in 1979, Adampak producers labels, seals and other precision die-cut components for the electronics, consumer products, pharmaceuticals, logistics and various other industries. It has manufacturing facilities in four Southeast Asian countries and in China.

This would be Navis' fourth purchase of a Singapore-listed company. It was previously part of a consortium that acquired Mentor Media in 2006, and it privatized King's Safetywear in 2008 before selling to Honeywell International in 2011 for S$430 million. It also purchased Eng Kong Holdings last year.

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• Topics
• PIPEs
• Southeast Asia
• Industrials
• Singapore
• Navis Management