Published December 9, 2006
Affinity makes voluntary cash offer for rest of First Engineering
AFFINITY Precision (S), which already owns 28.1 per cent of First Engineering, is making a voluntary conditional cash offer of $1 a share for the rest of the plastic components maker. The offer, which values the company at about $203 million, is conditional on Affinity Precision ending up with more than 50 per cent of First Engineering.
Affinity said it is making the offer in order to acquire statutory control of First Engineering and provide shareholders of First Engineering with an opportunity to realise their investment in the shares for cash, at a premium over the recent market price. Shares of First Engineering last traded at 83 cents.
