Seprod’s Takeover Bid for AS Bryden Oversubscribed

• Seprod Ltd. (Seprod) announced that its takeover bid for AS Bryden & Sons Holdings (ASBH) Ltd was oversubscribed, as shareholders tendered approximately 465.48Mn shares, surpassing the 447.49Mn the company initially sought to acquire.
• The ordinary shares of ASBH that have been tendered are subject to verification by Republic Wealth Management Limited (RWML)
• Given the oversubscription, Seprod will accept the shares on a pro-rata basis of approximately 96.1%. Seprod currently owns 50.1% of ASBH and will own 80.0% of ASBH’s outstanding shares following the acceptance.
• The stock prices of Seprod and ASBH have declined by 12.2% and 13.4% since the start of the year, respectively, closing at $76.56 and $26.00 on June 12, 2025. Both stocks currently trade above the Main Market Distribution & Manufacturing sector average P/E of 15.5x, with P/E ratios of 25.4x and 28.5x, respectively.

(Sources: Seprod & NCBCM Research)