Eaton Announces Tender Offer for Chinese Electrical Company Senyuan International Holdings
22 Agosto 2006 - 6:32PM
Business Wire
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)
announced today that it will make a voluntary general offer for the
shares of Senyuan International Holdings Limited (HKSE:3333), a
Hong Kong Stock Exchange listed company. The offer will be made
through financial adviser DBS Asia Capital Limited. Eaton's offer
price is HK$1.49 per share. However, the offer price will increase
to HK$1.62 per share -- representing an aggregate price of US$63.6
million for all outstanding shares -- if acceptances are received
representing 90 percent or more of the outstanding Senyuan shares.
These offer prices represent premiums of 10.4 percent and 20
percent over the average closing price of the last 30 trading days.
They also represent premiums of 26.3 percent and 37.3 percent over
the issue price per Senyuan share of HK$1.18 at its initial public
offering on July 11, 2005. Eaton has received irrevocable
commitments to accept the offer from holders of 75 percent of the
outstanding Senyuan shares and therefore the condition as to
shareholder acceptances will be satisfied shortly after the offer
is launched. The offer remains subject to other customary
conditions. Senyuan's wholly owned subsidiary, Changzhou Senyuan
Switch Co., Ltd., is a well-established manufacturer of vacuum
circuit breakers and other electrical switchgear components in the
People's Republic of China. The company had 2005 sales of RMB 374
million or US $47 million. It is based in Changzhou, Jiangsu
Province, and has 530 employees. "The acquisition of Senyuan will
strengthen our medium-voltage electrical business by providing us
with local channel access to the fast-growing China market and to
an important manufacturing base for medium-voltage electrical
products," said Randy W. Carson, Eaton senior vice president and
president - Electrical Group. "Senyuan is a widely recognized and
well-respected name in the Chinese medium voltage market and we
look forward to combining the capabilities of both organizations."
Eaton Corporation is a diversified industrial manufacturer with
2005 sales of $11.1 billion. Eaton is a global leader in electrical
systems and components for power quality, distribution and control;
fluid power systems and services for industrial, mobile and
aircraft equipment; intelligent truck drivetrain systems for safety
and fuel economy; and automotive engine air management systems,
powertrain solutions and specialty controls for performance, fuel
economy and safety. Eaton has 60,000 employees and sells products
to customers in more than 125 countries. For more information,
visit www.eaton.com.
Grafico Azioni Eaton (NYSE:ETN)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Eaton (NYSE:ETN)
Storico
Da Ott 2023 a Ott 2024