Courts a target for buyout
Courts Singapore is now the target of a private equity buyout in a deal that values the furniture and appliance retailer at over $100 million. Singapore Retail Group, a company jointly owned by Baring Private Equity and Topaz Investment Worldwide Inc, is making a general offer for the remaining 45.84 per cent stake it does not already own at 64.5 cents a share, half a cent below its last traded price of 65 cents on Wednesday. Topaz is owned by Kuwaiti financial services group The International Investor. The mandatory unconditional cash offer was triggered by Singapore Retail’s acquisition yesterday of a controlling 54.16 per cent stake in the mainboard-listed company. The offeror intends to take the company private if it manages to secure a stake of at least 90 per cent. Singapore Retail bought the controlling stake from Courts Group International Ltd (CGIL), paying $56.20 million, or 64.5 cents a share.
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