The Straits Times
Published on Jan 31, 2013

Innopac Holdings launches bid to acquire Austalian diamond mining firm


INVESTMENT firm Innopac Holdings has launched a takeover bid for a diamond mining and exploration company.

It has offered to acquire Merlin Diamonds, which is listed on the Australian Stock Exchange, for 28 Australian cents a share - which works out to about A$59.4 million for the entire issued and paid-up share capital of the firm.

This represents a premium of about 37 per cent over Merlin's closing price of 20.5 Australian cents on Wednesday.

Managing director and chief executive of mainboard-listed Innopac, Mr Wong Chin Yong, said that the firm is constantly on the lookout for new businesses and investment opportunities which can enhance shareholders' value.