Proposed Acquisition Of Goodpack Limited By KKR

The directors of Goodpack Limited (“Goodpack” or the “Company”) today announced the proposed acquisition of Goodpack by an affiliate of KKR, a leading global investment firm. The proposed acquisition will be effected by way of a scheme of arrangement (the “Share Scheme”), in accordance with the Companies Act of Singapore (Chapter 50) and the Singapore Code on Take-overs and Mergers.

This press release should be read in conjunction with the full text of the joint announcement in relation to the Share Scheme dated May 27, 2014 ("the Announcement"), a copy of which is available on www.sgx.com.

Under the Share Scheme, all issued ordinary shares in Goodpack (“Goodpack Shares”) held by the shareholders of Goodpack (“Goodpack Shareholders”) as at a book closure date to be announced by the Company will be transferred to IBC Capital Limited ("IBC Capital"), a company held by a fund affiliated with and advised by KKR. In consideration for the transfer, such Goodpack Shareholders will be entitled to receive S$2.50 per Goodpack Share in cash. This represents:
  • A premium of 44.7% to Goodpack’s 12-month volume weighted average price ("VWAP") to 18 March 2014, being the day prior to an announcement by Goodpack in respect of a possible transaction
  • A premium of 34.3% to Goodpack’s 6-month VWAP to 18 March 2014
  • A premium of 30.8% to Goodpack’s 1-month VWAP to 18 March 2014
  • A premium of 23.2% to Goodpack’s closing price on 18 March 2014

The figures set out above are based on data extracted from Bloomberg as at the last full trading day immediately prior to the date of the Announcement.

With an outstanding issued share capital comprising 559,748,035 Goodpack Shares (excluding treasury shares), the consideration price values Goodpack at approximately S$1,399 million.

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