WIN Win International Holdings announced yesterday it would sell its entire share capital of $416 million to Texan Management and appoint a new board of directors.
Trading in the textile machinery seller's shares is expected to resume tomorrow, after a suspension of more than a month following the resignation of three of its directors in early May.
In a joint statement yesterday, Win Win and Texan explained that on June 2 Texan had signed agreements with former chairman Daniel Lam Kam-yau and Savio Lam Holdings Corp - a private company set up for Win Win director Savio Lam Kam-chuen and his family - to buy 150.16 million shares at $1.388 a share.
The shares, which are expected to be sold for $208.42 million, represent about 50.1 per cent of Win Win's share capital.
Once that deal is finalised, Texan has offered to purchase the remaining Win Win shares for $1.388 each through investment vehicle Goldwyn Capital.
The offer price is 25 per cent higher than the unaudited pro forma consolidated net asset value per share of $1.11 on September 30, 1994, and 31 per cent higher than the shares' closing price of $1.06 on May 5.