SINGAPORE – Electronics manufacturing company AEM Holdings has launched a S$99.7 million (US$75.2 million) bid for contract manufacturer CEI. AEM plans to delist CEI from the Singapore Exchange and take it private.

AEM is offering S$1.15 in cash, or a mix of cash and new AEM shares, for each ordinary share in mainboard-listed CEI.

CEI shareholders can opt to accept the offer for either 85% cash and 15% new shares, or 70% cash and 30% new shares at an issue price of S$3.55 for each new share in AEM.

Founded in 1999, CEI has annual revenues of about $100 million primarily from customers in the industrial equipment market. It operates sites in Singapore, Indonesia and Vietnam.

Ed.: S$1 = US$0.75