According to a statement issued this morning, Netherlands and Belgium-based private equity house Bencis Capital Partners will purchase, subject to conditions, Punch’s 65.68% controlling stake in Xeikon for €110.3m.
Once the conditions, largely centred on Xeikon’s interim results, Bencis raising the required capital and the approval of competition authorities, are met, the €5.85-per-share cash offer will be extended to a mandatory offer of the same share value to the remaining shareholders of publically traded Xeikon. The business will then be delisted.
The offer price represents a 32% premium over Xeikon’s average share price in the past six months and a 10% premium on yesterday’s closing price of €5.33.
The transaction is expected to complete no later than 17 September.
The deal, which was first mooted in January, has been recommended to shareholders by the Punch board. As part of the deal, Bencis will also acquire Xeikon’s premises in Belgium and Point-IT, Xeikon’s IT services provider.
Once the deal has been completed, a second investment fund, Gimv, will acquire a 20% stake in Xeikon.
Punch, which was a major supplier of components to Xeikon, bought the then ailing press manufacturer’s colour digital assets out of bankruptcy in March 2002.
Neither Xeikon nor Bencis were available for comment at the time of writing.