Offer of HK23.50 a share is 13.5 above Thursday39;s close
Essity has signed to accept offer
RGE has no plans to make any major changes at Vinda
Deal is third biggest in Hong Kong in 2023 Dealogic

Dec 15 Reuters Hong Kong39;s Vinda International said on Friday Indonesian billionaire Sukanto Tanotoowned Royal Golden Eagle RGE has made an offer to acquire the tissue and diaper maker for up to HK26.13 billion 3.35 billion.

RGE was one of the two final bidders looking to acquire a 52 stake in Vinda owned by Swedish tissue maker Essity, Reuters reported on Tuesday, citing sources.

The offer price of HK23.50 a share from RGE39;s Isola Castle unit was at a 13.5 premium to Vinda39;s closing price on Thursday. RGE said it was almost 150 higher than Vinda39;s net asset value per share of HK9.41 as at June 30 this year, according to RGE.

Vinda shares jumped as much as 9.7 to HK22.70, a level last seen in April, before closing at HK22.60 on Friday following the announcement.

The deal is subject to approval by regulatory authorities, including in China, and is expected to be completed in mid2024, according to Essity.

The acquisition marks the third largest among Hong Konglisted companies this year, according to Dealogic data.

The deal comes as multinational companies are reviewing their presence in China or holdings in Chinese businesses amid heightened geopolitical tensions and China39;s economic slowdown.

Singaporeheadquartered RGE said in a statement that Vinda39;s two…