Tower Capital and Temasek Holdings have joined company founders to submit a bid to take Singapore-listed traditional Chinese medicine firm Eu Yan Sang International private in a deal that values the company at S$269 million (US$196 million).
The investment consortium is proposing to acquire the company’s outstanding shares at S$0.60 per share, which represents a 17% premium to the volume-weighted average price of the past three months.
UOB Venture Management, an investment arm of Singapore’s United Overseas Bank Group (UOB), is also participating in the deal.
The company’s founding Eu family and the investor consortium together own around 63.2% of the company.
Tower Capital is an investment firm founded Danny Koh, a former 3i and Actis Capital Partners executive.