Tycoon Tanoto Offers to Buy Tissue Maker Vinda for Up to $3.3 Billion
- Tycoon could pay a maximum HK$26 billion if offer accepted
- Deal is very attractive for Essity shareholders, firm says
This article is for subscribers only.
Indonesian tycoon Sukanto Tanoto has announced plans to buy Vinda International Holdings Ltd. shares including those from the largest shareholders of the Hong Kong-listed tissue maker.
A unit of the family’s firm RGE Pte offered to buy Vinda shares it doesn’t already own for HK$23.50 each, representing a 13.5% premium to the last closing price, according to an exchange filing on Friday. Swedish personal care product maker Essity AB and Vinda’s founder Li Chaowang have agreed to sell their shares to the family. The two biggest shareholders own a combined 72.62% stake in Vinda.