KUALA LUMPUR (Dec 15): UMW HOLDINGS BHD []'s associate WSP Holdings Ltd has received a takeover offer from HDS Investments LLC for 60 US cents per American Depositary share in cash.
UMW said on Thursday that WSP, a 22.3% associate which manufactures seamless pipes for oil and gas exploration, had set up a special committee of independent directors to consider strategic alternatives which would enhance shareholder value.
The China-based WSP, had in the letter to the US Securities and Exchange Commission, said HDS has had preliminary and informal talks with Expert Master Holdings and some significant shareholders of the company.
Expert Master Holdings is wholly owned by Longhua Piao, the company's chairman and chief executive officer. He is the major shareholder of WSO with 50.9% of the paid-up.
HDS could be funding the takeover through its own capital, according to WSP's letter to the US Securities and Exchange Commission.
WSP'' is a leading manufacturer of oil country tubular goods (OCTG) in China. Its products consist of seamless casing, tubing and drill pipes which are ''used for oil and natural gas exploration, drilling and extraction, and other pipes and connectors.
UMW said on Thursday that WSP, a 22.3% associate which manufactures seamless pipes for oil and gas exploration, had set up a special committee of independent directors to consider strategic alternatives which would enhance shareholder value.
The China-based WSP, had in the letter to the US Securities and Exchange Commission, said HDS has had preliminary and informal talks with Expert Master Holdings and some significant shareholders of the company.
Expert Master Holdings is wholly owned by Longhua Piao, the company's chairman and chief executive officer. He is the major shareholder of WSO with 50.9% of the paid-up.
HDS could be funding the takeover through its own capital, according to WSP's letter to the US Securities and Exchange Commission.
WSP'' is a leading manufacturer of oil country tubular goods (OCTG) in China. Its products consist of seamless casing, tubing and drill pipes which are ''used for oil and natural gas exploration, drilling and extraction, and other pipes and connectors.
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