Oaktree's billion dollar swing

The US private equity firm announces a $1 billion bid for 100% of Fu Sheng, a Taiwanese manufacturer of golf club heads and compressors.

American private equity firm Oaktree Capital Management has announced a $1 billion deal in Taiwan, offering to acquire 100% of Fu Sheng Industrial, in concert with Fu Sheng's controlling shareholders.

Oaktree is offering NT$37.50 $1.13 per share, which represents a premium of 15.7% over the average 30-day closing price of Fu Sheng shares on the Taiwan Stock Exchange and a price earnings multiple of 14.3 times 2006 earnings. Fu Sheng's main competitors trade around 12 times earnings. The price...

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