SMB United - Mystery Bidder Revealed

This mystery bidder that is going head on with Boer Power for all of SMB United's issued shares has been revealed.  It is Tokyo listed Osaki Electric Co.  Osaki Electric Co has an offer price that is 25 per cent more than the hostile bid put in by the Hong Kong listed Boer Power.  This puts Osaki's offer for SMB United at 40 cents per share versus Boer Power's bid of 32 cents.  SMB United last traded price before trading was halted stood at 36.5 cents.

The offer is conditional on Osaki securing more than 50% of SMB.  It has also already secured support from a group of shareholders including the directors of SMB, who together own 37.4% of the company.  Osaki has no intention to keep the listing status of SMB United.