Lankem Ceylon PLC (COSE:LCEY.N0000) made a mandatory offer to acquire remaining 67.83% stake in ACME Printing and Packaging PLC (COSE:ACME.N0000) for approximately LKR 340 million on September 16, 2021. Under the transaction, Offeror will acquire 27,921,829 Ordinary voting share of ACME at a price of LKR 12.2 per share. Offeror has made an application to the SEC to revise the Offer Price to LKR 12 per share. The SEC approval is pending on adjusting the Offer Price. As of October 18, 2021, the members of the SEC commission after deliberating on the request by Lankem Ceylon decided to uphold the Offer Price at LKR 12.2 per share. Lankem Ceylon with persons acting in concern holds 13,240,084 Ordinary Voting shares in ACME constituting 32.17% of the shares in issue. The intention of the Offeror is to continue business operations of ACME as a going concern and Offeror does not intend to implement any major changes to the business. The Offeror intends to continue employment of the employees of ACME and its subsidiary.

Offer will open on October 28, 2021 and will close on November 19, 2021. As of November 10, 2021, the offer period was extended to November 24, 2021. P.W. Corporate Secretarial (Pvt) Ltd. acted as registrar to Lankem Ceylon. Ray Abeywardena of Acuity Partners (Private) Limited acted as financial advisor to Lankem Ceylon PLC. NDB Investment Bank Limited acted as fairness opinion provider for ACME Printing.