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Champ Private Equity and Headland offer A$150m for remaining Miclyn stake

9 Sep 2013

KONICA MINOLTA DIGITAL CAMERABuyout firms Champ Private Equity and Headland Capital Partners have offered to buy the remaining 24.8 per cent stake in service vessels provider Miclyn Express Offshore.

The firms have agreed to pay A$2.2 per share, valuing the stake at around A$150m ($138m), Miclyn said in a document filed with the Australian Securities Exchange (ASX). The offer represents a premium of 12.8 per cent to the company’s closing price on September 5, the last day before the terms of the offer were disclosed.

Back in September 2012 Champ paid A$199m for a stake in Miclyn, which serves the offshore oil and gas industry in Southeast Asia, Australia and the Middle East.

Headland bought its interest in the business for $141m in August 2011.

Earlier this year Champ and Healand each bought a further stake of 8.1 per cent to up their shareholding to 41.1 per cent and 34.1 per cent respectively.

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