Shares of Sanitar Co (凱撒衛浴) closed up by the daily 10 percent limit yesterday after Sheh Fung Screws Co (世豐螺絲) on Friday announced a tender offer for the maker of sanitary wares under the Caesar brand.
At a news conference after the market closed on Friday, Sheh Fung acting spokesperson Chen Tzu-ying (陳姿吟) said the screw maker would acquire a 20 percent stake in Sanitar at NT$51 per share on the open market.
The offer price suggests a 6.18 percent premium over Sanitar’s closing price of NT$47.85 yesterday. Sheh Fung shares ended up 0.38 percent at NT$52.3.
Photo courtesy of Sheh Fung Screws Co
Sheh Fung would purchase up to 14.52 million common shares of Sanitar from yesterday to March 5, with the deal totaling NT$740.52 million (US$22.55 million) in value, the company said.
The company painted the move as a strategic financial investment to enhance its long-term returns, optimize asset utilization, and advance shareholders’ interests, it said in a statement.
If the tender offer proceeds successfully, Sheh Fung would become the largest shareholder of Sanitar. The company would seek to explore further collaboration with Sanitar regarding resource integration and strategic partnership to boost the synergy effect and corporate value for both companies and their shareholders, it said.
Sanitar, established in 1985, mainly supplies sanitary wares for home renovation, public infrastructure and new construction projects in Taiwan and Vietnam. It reported NT$2.79 billion in revenue last year, up 11.58 percent from the previous year.
Sheh Fung offers products that encompass all sizes of screws used on construction sites and for do-it-yourself home improvement projects. The company’s revenue last year fell 0.05 percent year-on-year to NT$2.32 billion.
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