MMI
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A tight squeeze is currently taking place. Watch for a surge in volume and a break into the upper bollinger bands. Buy when that breaks.
MMI - Nicely supported, but will this support hold? MMI has been moving in a tight range for a while. It is nicely supported by its moving averages, and volume is falling in this tight range. Whether it is moving up or down, confirmation is required. Let's check out MMI.
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Bollinger bands really tight... sharp price change may occur in the future.
any TA expert can advise on this counter? thanks
hmmmm...something wrong with posting, please move the bold part up to the first line...
Can anyone enlighten me why it has negative impact on the stock price?
The Board of Directors of
conditional term sheet to acquire 85% of the issued share capital in a Singapore incorporated private limited
company for an aggregate consideration of approximately $22.1 million. The target company is engaged in
precision machining of aerospace components. Its plants are located in Singapore and Thailand. The
Acquisition will provide MMI with access to aerospace customers and immediate availability of capacity. The
Acquisition is conditional upon the execution of a definitive sale and purchase agreement between MMI and
the current shareholders of the target company and the finalisation of such other agreements and ancillary
documents in connection with the Acquisition. Negotiations are currently on-going in relation to the Sale and
Purchase Agreement and all such ancillary documents.
MMI Holdings Limited announce that it has entered into a non-binding and
"The proposal calls for all ordinary shares in MMI to be transferred to PCPL, the company set up for the acquisition, at $1.65 each, valuing MMI at $1.005 billion. "
Read somewhere from The Straits Times newspaper that MMI will be de-listed from the SGX mainboard. So...what does it means??
Acquire @ $1.65/share
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Published April 6, 2007 
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US private equity giant to pay $1b for S'pore's MMI
Moves to take company private through a scheme of arrangement
By KALPANA RASHIWALA
(SINGAPORE) In yet another major foray into Asia, Kohlberg Kravis Roberts & Co (KKR) - the US private equity giant best known for its legendary 1988 takeover of RJR Nabisco - is acquiring Singapore's MMI Holdings for $1 billion.
A joint statement yesterday said Precision Capital Pte Ltd (PCPL), a Singapore-incorporated private vehicle held by funds affiliated with and advised by KKR, has proposed to take the mainboard-listed precision engineering group private through a scheme of arrangement.
The proposal calls for all ordinary shares in MMI to be transferred to PCPL, the company set up for the acquisition, at $1.65 each, valuing MMI at $1.005 billion. The stock of MMI, which has been chased up since early February on takeover rumours, closed yesterday at $1.66 before its afternoon trading halt.
When completed, the proposed transaction will be KKR's fifth major investment in Asia over the past two years, including the US$2.66 billion buyout of Avago Technologies in Singapore.
MMI's managers, including non-executive chairman Tan Choo Pie @ Tan Chang Chai and group managing director Teh Bong Lim, will continue in their current positions.
'PCPL has received irrevocable undertakings from some of the MMI shareholders, including Messrs Tan and Teh, representing 29.5 per cent of MMI's issued share capital, to inter alia vote, or procure the voting of, all their MMI shares in favour of the share scheme,' said the joint statement by MMI and PCPL.
KKR partner Ming Lu said: 'MMI has both a capable management team and an exceptional platform from which to become a global leader. Given KKR's vast experience in investing in the technology sector, KKR is uniquely positioned to work with MMI's management team to identify, develop and execute the appropriate transformation strategies to achieve a different growth trajectory with KKR's enabling resources.'
The share scheme must be approved by a majority in number of, representing at least 75 per cent in value of the shares held by, the scheme shareholders present and voting at a court-convened meeting. Upon completion of the share scheme, MMI will become a fully owned subsidiary of PCPL and will be delisted from the Singapore Exchange.
Market watchers note a proposed acquisition under a scheme of arrangement allows the acquirer a lower minimum acceptance level for purposes of taking a company private - 75 per cent - against 90 per cent under a general offer. Also under a scheme, the offer price cannot be revised, unlike a general offer. Macquarie Securities (Asia) is the financial adviser to MMI, while Credit Suisse (Singapore) is the financial adviser to KKR and PCPL.
Mr Tan and Mr Teh founded MMI in 1989 as a precision engineering company specialising in the machining and sub-assembly of electro-mechanical components for the hard disk drive industry. It was listed on SGX in April 1997.
In a separate announcement yesterday, MMI said it has entered into a non-binding and conditional term sheet to buy an 85 per cent stake in a Singapore-incorporated private company for about $22.1 million. The target company is engaged in precision machining of aerospace components. Its plants are in Singapore and Thailand.
'The acquisition will provide MMI with access to aerospace customers and immediate availability of capacity,' MMI said.
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MMI go down on Monday?? think it should likely to shoot up instead as it has a $1Billion takeover...the largest in SGX history...wHhhoooo
hi, it closed at $1.66. does this mean it will go down on monday when the trading halt is lifted?
It said on Thursday U.S. buyout firm Kohlberg Kravis Roberts & Co. is to buy the company for US$664 million.
MMI and KKR said in a joint statement that PCPL, a special purpose vehicle of KKR, has offered $1.65 per share for 609.26 milllion MMI shares. The price offered was a 16.2 percent premium to MMI's closing price on Feb 8, when KKR approached the firm and is 51% above MMI's 12-month volume-weighted average price.
KKR's partner Ming Lu said the acquisition will help MMI to grow into a bigger technology company with its global resources and expertise.
The shares will be transferred to KKR under a scheme of arrangement authorised by a court of law if 75% of shareholders vote in favour of the deal.
MMI said key shareholders including managing director Teh Bong Lim have already agreed to sell 29.5% stake to KKR under the share scheme. Once 75% of shareholders approve the share scheme MMI will be delisted, the company said.
The MMI deal is the second buyout offer for a Singapore-listed technology company in a month after Temasek Holdings agreed to buy STATS ChipPac Ltd for US$1.6 billion.
MMI makes aluminium base plates of hard-disk-drive casings and the voice-coil motor which positions the read/write arm above and below spinning disks in hard drives. Its key customer is Seagate. MMI also makes precision-engineered mechanical parts, like lasers and fibre-optic devices for industrial and communications products, as well as disk-drive and chip-testing equipment.
Its base-plate business competes with Brilliant and Unisteel.
MMI, which has factories in Singapore, Malaysia, Thailand and China, told Reuters in November last year it was seeking acquisitions to boost technologies and scale, but would tread cautiously.
It trades at 11.26x 2007 earnings.
I quoted closing price from SJ. On thur, I was watching these counters closely, had a nagging feeling they move in tandem, both are also rumoured of going to be takeover. I think their businness complement each other.
I quoted closing price.
Correct me if I am wrong, both counters are not the same industrial. Furthermore, your quote also incorrect but just comparing 1 day. MMI rised from $1.41 to $1.64 highest, not from $1.54 alone. One thing I don't deny that broadway is really considered a undervalued stock compare to the current PE at current price $0.785.
Do you notice that Broadway and MMI (vol top 10, 7c/154c=4.5%) move in tandem, % increase in Broadway (vol top 20, 9.5c/69c=13.8%) was higher than MMI on the Thur.
I guess MMI uptrend, Seksun takeover rumous and Statchicpac may have some related. Next week will be a crucial week for MMI
Seems to be on a good uptrend now
prices used to be the other way between JurongTech and MMI. Now, I strongly think that JurongTech does not deserve a place in STI Index it should be removed from STI index and replaced by MMI...Cheers
Seems like Insider buying....
Based on report, takeover offer could go up to $1.90 if successful...
