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CCMP CAPITAL ASIA OFFERS $1.75 FOR REPCO SHARESCCMP Capital Asia (CCMPA) has today entered into an Implementation Deed with Repco Corporation Limited (Repco), pursuant to which funds managed by CCMPA (CCMPA Funds) intend to acquire for cash all of the shares in Repco at a price of $1.75 per share. CCMP Funds’ special-purpose company, CCMP Acquisition Co. Pty Ltd, proposes to acquire the shares by means of a Scheme of Arrangement requiring the approval of the Court and Repco’s shareholders. CCMPA partner, Mr Stephen King said: “The offer represents a significant premium and in our view is the most certain way for shareholders to realise value in the business. Repco faces a number of challenges which we believe are best tackled under private ownership. We are aiming to give the company the focus, patience and additional investment required to recapture its long-term potential”. CCMPA believes the offer is highly attractive to Repco shareholders, representing a premium of: �� 32.6% to Repco’s closing share price of $1.32 on 6 December, 2006 (being the date prior to takeover speculation concerning the company); �� 32.6% to the volume weighted average price of Repco’s shares from and including 28 August 2006 (being the date Repco released its results for the year ending 30 June 2006) up to and including 6 December 2006. The proposed consideration values Repco, on an enterprise value basis, at approximately $570 million (based on Repco’s net debt position as at 30 September 2006) which equates to 8.6x normalized earnings before interest, tax, depreciation and amortisation for the year ending 30 June 2006. About CCMPA CCMPA, formerly known as JP Morgan Partners Asia, is one of the largest and most experienced financial sponsors in Asia, and also one of the most active funds in the Australian market. CCMPA’s first fund, the US$1.1 billion Asia Opportunity Fund (“AOF I”), was closed in 2000 and was one of the first pan-Asia leveraged buyout oriented investment funds raised for the region. The Asia Opportunity Fund II (“AOF II”) was closed in August of 2005 at US$1.6 billion. CCMPA has invested in 23 companies in the Asia-Pacific region to date, with total transaction value of over US$10 billion. The commitments are spread across Asia in CCMPA’s focus markets of Australia, Japan, Korea, Greater China, and Singapore. Further information can be found at www.ccmpasia.com CCMPA has engaged Citigroup Corporate and Investment Bank as financial advisor and Baker & McKenzie as legal advisor. Further information: Media enquiries should be directed to: Stuart Barton Gavin Anderson Ph: +61 404 054 857 Back to Press Releases |
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CCMP Capital Asia Ltd. was formed in October 2005. Previously, the firm's management team operated and managed J.P. Morgan Partners Asia, a private equity affiliate of JPMorgan Chase & Co. The historical information and biographies presented reflect the activities of CCMP Capital Asia professionals while managing J.P. Morgan Partners Asia. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2006 CCMP CAPITAL ASIA LTD. All rights reserved. |
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