UOB initiates offer to buy out Silverlake Axis shareholders

Shareholders can either receive $0.36 in cash or $0.30 and a new type of share.

United Overseas Bank (UOB), on behalf of E2I Pte. Ltd., announced its plan to make a voluntary, unconditional offer to acquire all issued and paid-up ordinary shares of IT firm Silverlake Axis Ltd.

In a bourse filing, UOB is offering two options to shareholders: either to receive S$0.36 in cash for each share they sell; or to receive $0.30 in cash and one new type of share.

The new share will not be traded on any stock exchange and will be bought back by E2I Pte. Ltd for $0.18 each in five years. 

The sale does not include the company’s treasury shares and those that E2I Pte. Ltd. already owns or has agreed to buy, UOB said.

The same offer will also be extended to shares that are owned or acquired by the shareholders.