The investors offering to delist Spindex have announced that they will not increase the scheme consideration of $1.43 in cash for each share.
Skyline II, which is a vehicle backed by private equity firm PrimeMovers Equity, have partnered with Spindex’s chairman Tan Choo Pie and his son, managing director Tan Heok Ting to take the company private on Sept 26.
Spindex was incorporated in 1987 and listed on the then Sesdaq in Nov 1998, and was upgraded to the mainboard in April 2001.
The company describes itself as a maker of precision-machined components and assemblies, operating manufacturing locations in Singapore, Malaysia, China and Vietnam.
Its customers are in imaging and printing, machinery and automotive systems as well as consumer-related products.
The Tans already hold in total 74.95% of Spindex shares. They plan to delist the company if the scheme is successful.
See also: Murata Manufacturing to delist from SGX-ST on Dec 5
The offerors are doing so because they want "greater flexibility" in running the company for a "longer horizon".
