15 Dec 2017

Hong Kong investor set to buy Trilogy International

2:24 pm on 15 December 2017

Trilogy International has entered into a scheme of arrangement with a Hong Kong-based investor, which is proposing to takeover the company.

Trilogy CEO Angela Buglass

Trilogy CEO Angela Buglass. Photo: SUPPLIED

The skincare and fragrance company was advising shareholders to back Citic Capital's offer of $2.90 a share for 100 percent of Trilogy, which was a 27.8 percent premium to yesterday's closing price.

Trilogy advised that the company's biggest shareholder, the Business Bakery, was going to vote its 31.2 percent stake in favour of the scheme.

Trilogy chairman Grant Baker said the company was on track for long-term growth, but it would take time and there were risks.

"Therefore, shareholders may find attractive the opportunity to realise the value of their Trilogy shares in cash now," he said.

The company had asked appraiser Grant Samuel to prepare an independent report for shareholders, with a special meeting to be held in March.

The arrangement was subject to a court-approved process and conditional on shareholder and regulatory approval.

Citic Capital is a large global asset manager with US$22 billion of assets under management.

Get the RNZ app

for ad-free news and current affairs