Grand Venture Technology’s shareholders to sell 64% stake

Dutch firm Aalberts Advanced Mechatronics is offering $0.94 per share.

Grand Venture Technology’s key shareholders, including investment firm Novo Tellus, have agreed to sell their combined stake of 64.24%.

Dutch firm Aalberts Advanced Mechatronics is offering $0.94 per share to buy up all Grand Venture Technology shares, valuing the company at $318.9m.

The offer price is a premium of 11.9% over Grand Venture's closing price of $0.84 cents, just before its holding statement that a potential share transaction is underway.

The shareholders are locked into accepting the offer unless a competing bid of at least $1.0341 per share comes in and Aalbert declines to match it.

Zico Capital has been appointed as the independent financial adviser.