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Article: Eaton Announces Tender Offer for Chinese Electrical Company Senyuan International Holdings.
- Article from:
- Business Wire
- Article date:
- August 22, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CLEVELAND -- Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today that it will make a voluntary general offer for the shares of Senyuan International Holdings Limited (HKSE:3333), a Hong Kong Stock Exchange listed company. The offer will be made through financial adviser DBS Asia Capital Limited.
Eaton's offer price is HK$1.49 per share. However, the offer price will increase to HK$1.62 per share -- representing an aggregate price of US$63.6 million for all outstanding shares -- if acceptances are received representing 90 percent or more of the outstanding Senyuan shares. These offer prices represent premiums of 10.4 percent and 20 ...