CVC Asia Pacific buys Taiwan blind maker(3)

CVC Asia Pacific is taking a listed Taiwanese maker of blind and window shutters private for NT$18 billion ($547 million).

CVC Asia Pacific, a pan Asian buyout affiliate of CVC Capital Partners, is buying Taiwan-listed Nien Made, a manufacturer of window covering such as blinds and shutters, for TWD$18 billion ($547 million; €399 million). The firm is offering to pay TWD$41.28 a share for up to 100 percent of the company, according to an exchange filing.

The offer represents a 13.6 percent premium to the closing price of the company share on Monday. Nien Made shares traded up to TWD$38.85, and closed 7 percent higher from Monday closing level.

Nien Made’s largest shareholders have agreed to sell 174.5 million shares. The Taiwanese company said CVC Asia will settle for a minimum purchase of 218.6 million shares, just over 50 percent of the total outstanding shares of 437 million.

Subject to Taiwan regulatory approval, the deal is set to close on 18 September.

CVC trails other private equity groups that have been acquiring assets in Taiwan, which is part of Greater China but offers easier targets compared to the mainland.
CVC’s interest to acquire Nien Made follows the recent approval Oaktree Capital Management received to complete the buyout of Fu Sheng, a golf club head maker in Taiwan.