Southern Capital revises Adventa MBO offer
Southern Capital Group and a director of Adventa have submitted a revised takeover bid for the Malaysian medical products manufacturer. The offer still stands at MYR320.85 ($100 million), or MYR2.10 per share, but now excludes Adventa’s interests in Sun Healthcare and Electron Beam.
Mulberry Asia Fund II, a fund managed by Southern Capital, stands to gain a 70% stake in Adventa should the deal go through via a special purpose vehicle known as Aspion. Low Chin Guan, a director at the company who already owns 43.5% of it alongside two other promoters, controls the remaining 30% of Aspion.
According to a stock exchange filing, the investors are willing to pay RMB96.3 million, or 30% of the purchase price, up front and the rest on completion. Adventa would make distributions to entitled stockholders of at least RM1.7 per share.
Aspion previously intended to acquire Adventa's shares in Sun Healthcare as well as paying MYR9 million for 100% of Electron Beam.
Adventa manufactures and distributes medical products and devices in five countries and employs more than 2,000 people. It purchased a majority stake in Sun Healthcare in 2007 and expanded the company's product range from dialysis disposables and medical equipment to include hospital disposables and medical gloves. Electron Beam provides irradiation services for medical devices.
Southern Capital targets buyout opportunities in consumer products, financial services, infrastructure and manufacturing across Asia. The Mulberry Asia Fund II closed in 2009 at $300 million and is five times larger than its predecessor vehicle, raised in 2005.
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