China’s CDIB Capital makes tender offer for Taiwanese chemical firm Jintex

Taipei City, Taiwan. Photo by Tom Ritson on Unsplash

CDIB Capital, the private equity arm of China Development Financial, has announced a tender offer for chemical producer Jintex Corporation that values the latter at NT$1.87 billion ($60.7 million).

CDIB has offered to pay NT$27.50 per share, a premium of 10.4 per cent to Jintex’s closing price on March 22, 2019, the last trading day prior to the transaction announcement.

According to an announcement, the tender offer period will last from March 25 through May 13, 2019, with the minimum threshold of success for total shares tendered set to be equivalent to 51 per cent of Jintex’s total outstanding shares.

Prime Express, the offeror of the tender, is an investment company that is owned by a consortium of investors that include CDIB Capital Asia Partners and two Jintex directors.

“We believe that the partnership between CDIB Capital and Jintex will fully support the company’s ambition to become a regional leader in terms of size and technology. This is an exciting opportunity to work alongside an exceptional management team to capture growth opportunities in Taiwan and beyond,” said Lionel de Saint-Exupéry, Chairman and CEO of CDIB Capital.

The transaction is still subject to market acceptance of the tender offer, customary closing conditions and regulatory approvals. Upon completion of the transaction, Jintex will become a private company, and its shares will no longer be traded on the Taiwan Stock Exchange.

Founded in 1978, Jintex is a leading manufacturer specialized in the production and distribution of textile and leather chemical auxiliary agents.

Headquartered in Hong Kong, CDIB Capital is an Asian private equity investor focused on middle-market growth capital transactions. The firm invests in consumer/retail, value-added manufacturing, and new services, seeking to capitalize on cross-market opportunities in the Asia-Pacific region

It is an affiliate of China Development Financial, one of the largest merchant banking groups in Greater China with over $88 billion in assets.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.