Milkyway is offering 22.66 cents per share for the shares in LHN Logistics, which values the latter at around $38 million. The offer price represents a 35% premium over LHN Logistics’ closing price of 16.8 cents per share as at June 1. The offer price also represents a 45% premium over the six-month volume weighted average price (VWAP) ending on June 1.
LHN Group (SGX:41O
) , on June 9, announced that it has received a notice of intention to make a voluntary conditional general offer for LHN Logistics (SGX:GIH) from Milkyway International Chemical Supply Chain Pte. Ltd.
LHN Logistics is the 84.05%-indirectly owned subsidiary of LHN Group while Milkyway International Chemical Supply Chain Pte. Ltd. is a wholly-owned subsidiary of Shanghai-listed MilkyWay Chemical Supply Chain Service Co., Ltd.
