Australia's SAI Global backs HK private equity buyout
SYDNEY, Sept 26 (Reuters) - Australian industry compliance company SAI Global Ltd said it will recommend a A$1 billion ($761.10 million) takeover from Hong Kong-based Baring Asia Private Equity, two years after KKR & Co LP and a local buyout firm scrapped a higher offer.
SAI said in a statement on Monday its directors would vote unanimously for Baring's A$4.75 per share offer - a one-third premium to its last closing price of A$3.59 - and that they would recommend shareholders do the same.
"Baring Asia's proposal is compelling and represents a significant premium to SAI's share price," SAI Chairman Andrew Dutton said in the statement.
($1 = 1.3139 Australian dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)
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