Templeton accepts EAC buyout price

The privatisation of East Asiatic Co (HK) (EAC) is about to be completed after minority shareholder Templeton Investment Management (HK) agreed to accept an offer from the company's parent.

Templeton controls 7 per cent of EAC and its chief executive, Mark Mobius, said it would swap its EAC shares for shares in the company's parent - Danish-based EAC Group.

'We're happy with the offer and will accept the shares of the parent company as a long-term investment,' Mr Mobius said.

EAC Group launched a $130 million privatisation plan offering shareholders $1.30 a share last week.

Fund manager Value Partners earlier agreed to swap its 5 per cent stake for $27 million cash.