Northstar Equity Partners intends to acquire Singaporean precision-parts maker Innovalues Limited for $239 million
Private-equity managers have been bidding for high-end manufacturers throughout Asia, driving up valuations
One analyst at Maybank Kim Eng, issuing a report, said Northstar has achieved ‘fair value’ for its Innovalues offer of S$1 01 per share
Innovalues shareholders are also being offered the option to take S$0 61 per share in cash, plus shares priced at S$0 41 in Precision Solution Group, a special purpose vehicle set up by Northstar to make the acquisition
The transaction, announced Wednesday, October 26, represents a 3% premium to Tuesday’s close – and a premium of 13% to the closing...