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860 million M&A time-sharing media
According to the announcement, Lianjian Optoelectronics intends to purchase 100% of the shares of Timeshare Media held by 12 counterparties such as He Jilun in cash and shares. The consideration for the transaction was 860 million yuan, of which Lianjian Optoelectronics will pay 240 million yuan in cash. In addition, it will issue 39 million shares to 12 trading partners such as He Jilun at a price of 15.89 yuan/share, and raise funds of 620 million yuan for payment. The latter will be fully subscribed by Liu Hujun, the chairman of Lianjian Optoelectronics, and He Jilun, the controlling shareholder of Timeshare Media.
According to the data, Timeshare Media is one of the leading companies in the outdoor advertising industry in China, and has cooperative relationships with tens of thousands of regional media and operators nationwide. In 2011, 2012 and the first 10 months of 2013, Timeshare Media recorded operating income of 391 million yuan, 391 million yuan, 350 million yuan, net profit of 72.85 million yuan, 75.440 million yuan, and 72.478 million yuan.
Previously, Lianjian Optoelectronics Co., Ltd. was a LED manufacturing company. The operating revenues from 2011 to 2012 were 206 million yuan and 556 million yuan respectively. After the acquisition of time-sharing media, the company will seek to transform into LED production and outdoor media mergers and acquisitions. Enterprises, complete the extension of the industrial chain.
In addition, Timeshare Media promised that the company's net profit after deduction from 2013 to 2017 will be no less than 87 million yuan, 100 million yuan, 113 million yuan, 122 million yuan, and 128 million yuan.
Blue Cursor had planned to acquire time-sharing media
The reporter noted that the domestic advertising giant Blue Cursor (300058) had planned to acquire time-sharing media, but the two parties ultimately failed to reach an agreement.
According to the data, on September 25, 2012, Blue Cursor signed an agreement with Timeshare Media to purchase 100% of the shares of Timeshare Media in cash and shares. However, at the end of November of the same year, the company announced that “the two sides failed to reach a consensus on measures to improve the trading plan, so they agreed to terminate this matterâ€.
It is worth noting that the transaction price of the Blue Cursor M&A Timeshare Media is 675 million yuan, and the transaction price of the latter is 860 million yuan. After a lapse of one year, the valuation of timeshare media rose by 27.41%.
In this regard, Lianjian Optoelectronics said that the time-sharing media formed a certain retained earnings through the accumulation of operating net profit, and the net assets increased by nearly 40 million yuan during the same period. From the perspective of price-earnings ratio, the static P/E ratio and net city value corresponding to this acquisition of assets are 11.41 times and 7.70 times, respectively, which is similar to the average level of listed companies in the advertising industry.
Why did the time-sharing media reject the invitation of the blue cursor and switch to the embrace of Lianjian Optoelectronics?
A person close to the listed company told reporters that in terms of the scale of operating income in the future, the original manufacturing revenue scale of Timeshare Media and Lianjian Optoelectronics is fully capable of competing. Therefore, time-sharing media can gain more voice through the use of Lianjian Optoelectronics to land in the capital market. At the same time, the advertising business of Timeshare Media and the LED manufacturing business of Lianjian Optoelectronics can form a good synergy.
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The two-month suspension of Lianjian Optoelectronics has finally unveiled the mystery of major asset restructuring. On December 20th, Lianjian Optoelectronics (300269) announced that it plans to acquire time-sharing media at a price of 860 million yuan to seek to transform its main business into LED production and outdoor media mergers and acquisitions to complete the extension of the industrial chain. It is worth noting that time-sharing media rejected the Blue Cursor M&A invitation a year ago.