Private equity firm CVC Asia Pacific exits its investment in Malaysian paper manufacturer Paperbox through a sale to a strategic buyer, a trend that specialists say is on the rise.
Investors are happy to turn their attentions to something other than real estate, but poor trading in Asia and Europe make them ask for the maximum 10.9% discount.
The paper manufacturer uses its cash resources to launch a second tender for its outstanding bonds, while cash-strapped Powerchip is forced to pay its CB investors partly in shares.
The company achieves a 58% acceptance rate for its bond buyback tender which closed on Monday û only marginally more than the 57% tendered by the early deadline.
The Chinese paper manufacturer extends its early tender deadline to tempt more investors to surrender their bonds at the higher price, while in Taiwan, ProMOS calls on CB holders to seriously consider its ongoing tender.