Nam Tai completes NTEEP privatization

Manufacturing and design company Nam Tai Electronics, Inc., registered in the BVI, announced in July that it had received valid acceptances in respect of 200,567,867 shares of its HK-listed subsidiary¬† Nam Tai Electronic & Electrical Products Limited (NTEEP), held by NTEEP’s minority shareholders, representing approximately 90.57% of the public float shares of NTEEP.

Nam Tai’s formal cash offer to the minority shareholders of NTEEP, as well as its following privatization, were conditional upon Nam Tai receiving acceptances totalling at least 90% of the public float shares of NTEEP, and now the BVI company announced that the offer became unconditional in all respects.

Now, Nam Tai intends to exercise compulsory acquisition rights to acquire any remaining NTEEP shares that it did not acquire in accordance with its offer, and then withdraw the listing of NTEEP from the HK Stock Exchange.

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