oaktrees-billion-dollar-swing

Oaktree's billion dollar swing

The US private equity firm announces a $1 billion bid for 100% of Fu Sheng, a Taiwanese manufacturer of golf club heads and compressors.
May 10, 2007
American private equity firm Oaktree Capital Management has announced a $1 billion deal in Taiwan, offering to acquire 100% of Fu Sheng Industrial, in concert with Fu Sheng's controlling shareholders.

Oaktree is offering NT$37.50 $1.13 per share, which represents a premium of 15.7% over the average 30-day closing price of Fu Sheng shares on the Taiwan Stock Exchange and a price earnings multiple of 14.3 times 2006 earnings. Fu Sheng's main competitors trade around 12 times earnings. The price values the equity of Fu Sheng at NT$28.3 billion $852 million. Including debt, the firm is valued at NT$33 billion.

The offer is contingent upon Oaktree acquiring 51% of the outstanding shares...
¬ Haymarket Media Limited. All rights reserved.

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