Zeng Hsing Industrial Co., Ltd. completed the acquisition of a 21.56% stake in TURVO International Co., Ltd. (TWSE : 2233).
July 05, 2022
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Zeng Hsing Industrial Co., Ltd. (TWSE:1558) made a tender offer to acquire 21.6% stake in TURVO International Co., Ltd. (TWSE:2233) for TWD 1.7 billion on June 6, 2022. As per the terms, Zeng Hsing Industrial will acquire 13 million shares at TWD 130 per share in cash. If all conditions of the Tender Offer have been satisfied, the tendered shares and all considerations for this Tender Offer will be delivered within 5 business days (including the 5th business day), after the expiration of the Tender Offer period. The source of funds for the Tender Offer is its own funds. This Tender Offer will be a success if the acquisition ratio exceeds the minimum number of shares. Tender Offer period is from June 8 to July 6, 2022. Ernst & Young Taiwan acted as Due Diligence Provider to TURVO International Co., Ltd.
Zeng Hsing Industrial Co., Ltd. (TWSE:1558) completed the acquisition of a 21.56% stake in TURVO International Co., Ltd. (TWSE : 2233) on July 6, 2022.
TURVO International Co., Ltd. is a Taiwan-based company principally engaged in the processing, manufacturing and trading of precision metal components. The Company mainly provides precision metal components, which are applied in the manufacturing automotive engine systems, automotive transmission systems, automotive chassis systems, medical equipment, industrial communication and aerospace connectors and optical products, among others. The Company distributes its products within domestic market, and to overseas markets, including the rest of Asia, the Americas and Europe.