US premium offer to buy little Swan for $1.36 billion for absolute holding

Daily economic journalist Zhao Yanggo





Group (000333, close to 17.5 yuan) and the one-month suspension of the small swan A (000418, the former closing price of 9.15 yuan) announced June 7: The U.S. group plans to spend about 1.36 billion yuan in cash, the offer to buy small swan A, B shares 20%, The offer price is about 15% higher than the current premium of A and B shares.





through this offer, the U.S. group will further strengthen the control of the small swan, while increasing the business synergy between the two companies.





Premium 15% control plate Little Swan





last weekend, the small swan A and the United States Group announced that the United States Group plans with its wholly-owned foreign companies Titoniinvestmentsdevelopmentltd. (hereinafter referred to as Titoni) to the small swan A-share and B shares of the implementation of a partial takeover.




The
announcement showed that the offer was up to 126 million shares, accounting for 20% of the small Swan's total equity, with a purchase price of 1.15 times times the last 30 trading days of Swan A and B-shares (or 15%). Among them, a-share offer acquisition price of 10.75 yuan/share, B offer acquisition price of HK $10.43/share. According to the small Swan calculated, if the final acceptance of the shares are small swan circulation a A-share, this offer to acquire the highest amount of capital required for 1.36 billion yuan.




The
group said the offer was financed from its own funds, and that it had deposited a 272 million-dollar performance bond in the relevant accounts.





, the daily economic news reporter noted that the United States currently holds a total of 223 million small swan A, accounting for the small Swan Total equity 35.2%;titoni holding 30.8517 million small swan B, accounting for the small Swan Total equity 4.88%, the total shareholding ratio reached 40.08%. If the offer reaches a predetermined number of acquisitions, the United States Group and Titoni in the small swan's total shareholding ratio will reach 60.08%, to achieve absolute holding.





centralization of power to promote synergistic effect





For the purpose of the acquisition, the U.S. group said this is to further enhance the business synergy between the two, enhance the company's washing machine industry core competitiveness, and further enhance the control of the small swan, the offer is not to terminate the small Swan stock listing status for the purpose. Meanwhile, the US group and Titoni currently have no plans to continue to overweight or dispose of the small Swan shares within 12 months.





household Appliances industry veteran observer Liu Buzhong told the Daily Economic news reporter, in the United States before the arrival, because there is no real sense of large shareholders, small swan's operating conditions are very bad, but the United States after the entry, the business situation has changed. And for the United States, its own washing machine is difficult to compete with Haier and other brands, so the small swan has become the most important in the field of washing machine weight.





announced that the small Swan 2013-year operating income of 8.728 billion yuan, an increase of 26%, attributable to the parent company's net profit of 413 million yuan, an increase of 22% year-on-year, the first quarter of this year attributable to the parent company net profit of 171 million yuan, an increase of 53.85%.





"Daily economic news" Reporter noted that this March, the small Swan held a "2014 Small swan I intelligent precision washing machine full range of new product launch", when the company said "will use two years time to gradually realize automatic washing machine upgrade, It is expected that the 2016 small swan automatically put washing machine accounted for 60% of the total number of products "; in March, the United States and Alibaba Group signed a cloud strategic cooperation agreement, the two sides will jointly build an open platform based on Aliyun of things. In the United States, the group absolutely control the small swan, the two sides in the smart home appliances, the Internet of things will have specific action? Investors may wish to wait and see.