Northstar bids for Innovalues

The private-equity firm joins a trend of targeting Asian precision manufacturers servicing the transport sector.

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...

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