Heng Long

Heng Long: LVMH is offering to pay $160.8m or $0.60 per shs for the co, one of the world's top 5 crocodile skin tanneries. Offer price is at a 85.2% premium over HLI's NAV of $0.324 and 6.7% over last traded price of $0.56. The founding Koh family has given its irrevocable undertakings to accept the offer, giving LVMH control of approx 73.7% of all shs, which has plans to delist the co. After the close of the offer, the Koh family will re-invest a substantial portion of their proceeds from the deal for a stake of 49% in HLI, with LVMH Asia Pacific holding the bal 51%.