News: Kresta Holdings receives cash takeover bid from Suntarget

Kresta Holdings (ASX:KRS) has received an all-cash $0.23 per share takeover bid from Suntarget (Hong Kong) Trading, a wholly owned subsidiary of Ningbo Xianfeng New Material.

The offer is an unconditional offer for all the shares in Kresta not already owned by Suntarget and its associates.

Suntarget has a relevant interest in 29,877,210 shares, or 19.88%, in Kresta.

Ningbo Xianfeng has a market cap of 1,654.26 million yuan (A$283.7 million).

The window treatments and components manufacturer and retailer is currently preparing its Target’s Statement and has engaged KPMG to prepare an Independent Expert’s Report.