Asia-based private equity firm PAG has waded into the battle to acquire Yingde Gases.
Whilst financial details remain closely guarded, the bid from PAG is said to be at the “top end of the range” that industrial gas giant Air Products and Chemicals, Inc. has already offered to purchase the Chinese outfit at.
Ousted directors Zhongguo Sun and Trevor Strutt entered into the legally-binding irrevocable memorandum of undertaking (MOU) with Bubbly Brooke Holdings Limited (BBH) and Baslow Technology Limited (BTL) to accept an offer that PAGACII-2 Limited (PAGAC), a subsidiary of buyout fund PAG Capital Asia, will make at a price not less than HK$6 ($0.70) per share in the company.
A letter from Yingde said that its shareholders will still be able to accept other offers at a higher price provided it is 5% or more than the offer price, “which PAGAC may match if it wishes,” it added.
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