August 10, 2022

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A group that includes Razer’s top executives has proposed to take the company private in...

A group that includes Razer’s top executives has proposed to take the company private in a deal worth up to HK$10.79 billion ($1.38 billion) (via Reuters). The proposal values Razer at HK$24.70 billion ($3.17 billion). Chairman Min-Liang Tan and non-executive director Kaling Lim, who own nearly 57% of Razer, lead the consortium. The group also includes private equity firm CVC Capital Partners. Details of the proposal are listed in a regulatory filing (PDF).

Razer, known for making some of the best laptops and best gaming accessories, was founded in 2005. The company went public in 2017.

The group is offering Razer HK$2.82 ($0.36) per share, which is a premium of approximately 55.8% over the closing price of HK$1.81 ($0.23) per share quoted on the stock exchange on October 27, 2021.

As noted by Nikkei, the consortium believes that Razer has been undervalued in Hong Kong and that the company has suffered from low trading volumes.

An independent financial adviser will be appointed for Razer by the company’s board, according to the filing.

The trade of Razer stock has been halted. “The Company will make an application to the Stock Exchange for the withdrawal of the listing of the Shares on the Stock Exchange, in accordance with Rule 6.15(2) of the Listing Rules, with effect immediately following the Effective Date,” explains the filing.

The filing specifies that the cancellation price will not increase in the future.

Razer shares fell by almost 8% after the announcement of the proposed deal.