kkr-wins-unisteel-auction

KKR wins Unisteel auction

The financial sponsor's plan to delist Unisteel values the target at $576 million and marks its second investment in a Singapore precision engineering company.
Kohlberg Kravis Roberts Co KKR has won an auction for Singapore-listed Unisteel Technology with a bid that values the target at S$785 million $576 million. The takeover, which will be carried out via a scheme of arrangement, is complementary to the firm's earlier takeover of MMI Holdings.

Private equity firm KKR is offering S$1.95 in cash for each Unisteel share. The price represents a premium of 27.2% to UnisteelÆs six-month volume-weighted average price and a premium of 18.9% to its closing price on April 15.

On April 16 Unisteel told the Singapore Exchange SGX, in response to a query regarding possible reasons for a substantial increase in UnisteelÆs share price the previous day,...
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