By Ian Walker
Malin Corp. said Tuesday that it plans to return up to 80 million euros ($89.9 million) via a tender offer to shareholders for up to 22.1% of its issued share capital.
The Dublin-listed investment company, which said last month that it would make a "significant return of capital" to its shareholders after the sale of its subsidiary Altan Pharma, is offering to buy shares under the tender offer at EUR8.30 each. The price is a 28% premium to the company's share price and a discount of 7.1% to its estimated intrinsic equity value per ordinary share.
The tender offer is conditional upon shareholder approval at a general meeting to be held on Dec. 16.
"Our cash balance of approximately EUR36 million following the completion of the tender offer, together with expected future realization proceeds, will enable us to exploit future value-accretive strategic business opportunities and to support our remaining investee companies through to their maximal value potential," Chief Executive Darragh Lyons said.
Write to Ian Walker at ian.walker@wsj.com
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November 23, 2021 at 03:05PM
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Malin Corp Launches EUR80 Mln Tender Offer - MarketWatch
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