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,...