The board of directors of Ban Leong Technologieshas appointed Asian Corporate Advisors as the independent financial advisor for the voluntary conditional cash offer by EpicSoft Asia to take the company private.
EpicSoft Asia, a wholly-owned subsidiary of gaming company GCL Global, offered to take Ban Leong Technologies private for a consideration of 60.29 cents per share on Apr 30.
EpicSoft's main business is in the wholesale of computer games. By combining the GCL group's gaming expertise with Ban Leong's distribution infrastructure, the acquisition will allow EpicSoft to deliver an integrated gaming ecosystem, the offer document reads.
EpicSoft says that the offer presents shareholders of Ban Leong a clean cash exit opportunity to realise their entire investment in the shares at a premium over the prevailing trading prices.
The offer price represents a premium of about 63.9%, 69.3%, 73.4% and 75.5% over the volume-weighted average price (VWAP) per share for the one, three, six, and 12 month period up to and including Apr 29. The offer price also represents a premium of 60.8% over the last transacted price per share on the last trading day.
The offeree circular will be sent to shareholders within 14 days from the date of despatch of the offer document.
See also: Amara Holdings appoints W Capital Markets as independent financial adviser for privatisation offer
Shares in Ban Leong closed 0.5 cents higher or 0.847% up at 59.5 cents on May 7.
