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SINGAPORE : US investment firm Kohlberg Kravis Roberts (KKR) is making a bid for Singapore-listed MMI Holdings.
Under a deal announced on Thursday, KKR is offering S$1.65 in cash for each share in the contract electronics components maker.
This will value the buyout at more than $1 billion, making it one of the largest ever buyouts of a Singapore-listed technology firm.
The offer works out to a 16% premium to the counter's closing price on February 8, one day before MMI confirmed that it had received expressions of interest.
KKR plans to delist the company but it needs to get support from at least 75% of the shareholders.
Key shareholders, including managing director Teh Bong Lim, have already agreed to sell a 29.5 percent stake to KKR.
This is the second buyout offer for a Singapore-listed tech company.
In early March, Temasek Holdings made an offer for STATS ChipPAC valued at S$2.3 billion. - CNA /ls
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