Gelex General Director Nguyen Van Tuan has just decided to increase the offer price to buy 95 million VGC shares of Viglacera to 21,500 VND / share (21% more). The new offer price offered by Gelex is equivalent to the market price of VGC shares traded in the market.
Vietnam Electrical Equipment Corporation (Gelex – Ticker: GEX) has just announced an increase in the bid price of VGC shares of Viglacera Corporation – JSC.
Accordingly, Gelex General Director Nguyen Van Tuan decided to increase the public offer price of VGC shares from 17,700 VND / share to 21,500 VND / share. The increase in the tender offer price is applicable to all Viglacera shareholders, including shareholders registered to sell VGC shares to Gelex.
Thus, the new offer price offered by Gelex is close to the closing price of VND 21,700 / share today (September 11) of VGC shares in the market.
This move is part of Gelex’s plan to acquire Viglacera. At Gelex’s 2020 annual general meeting of shareholders, the company’s shareholders approved the plan to buy and own dominant 51% of Viglacera shares.
At the end of August, Gelex’s Board of Directors issued a resolution to publicly offer to buy 95 million VGC shares, equivalent to 21.19% of Viglacera’s charter capital from August 26 to September 25.
The offer price of VND 17,700 / share that the company offered at that time was significantly lower than the market price of VGC shares in the market (about 19%).
Gelex and its subsidiaries own a total of 112 million VGC shares, equivalent to 24.96% of Viglacera’s charter capital, and is the second largest shareholder after only the Ministry of Construction. If the transaction is successful, this business will increase its ownership to nearly 207 million shares, equivalent to 46.15% of the capital in Viglacera.
Source: vietnambiz.vn – Translated by fintel.vn