Sunshine Bread maker gets takeover offer from Silver Creek Capital, Latest Business News - The New Paper

Sunshine Bread maker gets takeover offer from Silver Creek Capital

This article is more than 12 months old

Yet another mainboard-listed company looks set to join the delisting bandwagon.

The Riady family has offered to buy out Auric Pacific Group, the maker of Sunshine Bread and owner of Food Junction food courts and Delifrance cafes.

The offer was made by Silver Creek Capital, an investment vehicle jointly owned by Dr Stephen Riady and his son-in-law and Dr Andy Adhiwana, who are controlling shareholders of Auric Pacific.

Their offer of $1.65 in cash a share is final, according to a filing at the Singapore Exchange yesterday.

Shares of Auric Pacific jumped 13.4 per cent or 19.5 cents to the offer level - $1.65 - after the counter resumed trading following a two-hour trading halt. More than 2.4 million shares changed hands.

Separately, several companies belonging to the Lippo Group, which is controlled by the Riady family, made an offer to lift their stake in Healthway Medical Corporation.

Dr Riady and his family indirectly hold 49.28 per cent of Auric Pacific through Hong Kong-listed Lippo China Resources, while Dr Adhiwana, Auric's group chief executive, holds 27.44 per cent indirectly through Goldstream Capital.

Silver Creek said the offer is an opportunity to realise their investment in the company for a cash consideration at a "significant premium" above the historical market share prices, without incurring any brokerage and other trading costs.

Its closing price has not been at or above the offer price of $1.65 since December 1999, it added.

The offer price is a premium of about 13.4 per cent over the closing price on Feb 3, its last traded day before the offer announcement.

One reason cited for the proposed delisting is the cost savings from dispensing with compliance and associated costs in maintaining Auric Pacific's listing status.

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