PT Northstar Pacific Capital made a mandatory offer to acquire 49.95% stake in Nera Telecommunications Ltd. (SGX:N01) for SGD 88.6 million on November 19, 2012. PT Northstar Pacific Capital will acquire 180.76 million shares of Nera Telecommunications at an offer per share of SGD 0.49. In a related transaction, PT Northstar Pacific Capital entered into an agreement to acquire 50.05% stake in Nera Telecommunications Ltd. (SGX:N01) from Eltek ASA (OB:ELT) for SGD 88.8 million on November 19, 2012. Standard Chartered Bank, as financial adviser to Northstar in connection with the offer, confirms that sufficient financial resources are available to Northstar to satisfy full acceptance of the offer.

The offer is unconditional in all respects. If PT Northstar Pacific Capital acquires more than 90% stake in Nera Telecommunications then, SGX-ST may suspend the listing of the Nera's shares in the Ready and Unit Share markets until it is satisfied that at least 10% of the total issued shares (excluding any shares held as treasury shares) are held by at least 500 shareholders of Nera who are members of the public. In the event that PT Northstar Pacific Capital acquires 90% or more shares in Nera, PT Northstar Pacific Capital would be entitled to exercise the right to compulsorily acquire all the shares of shareholders who have not accepted the offer at a price equal to the offer price. The offer will remain open from November 20, 2012 and will close on January 8, 2013. Northstar does not intend to extend the offer beyond January 8, 2013. As on December 18, 2012, the independent Directors of Nera, having considered carefully the terms of the offer and the advice given by the independent financial advisor, concur with the advice and accordingly recommend that shareholders reject the offer.

Praveen D'Souza and Kenneth Low of Standard Chartered Bank acted as financial advisors to Northstar. Catherine Ong and Doreen Siow of Catherine Ong Associates Pte Ltd acted as PR advisors for Nera Telecommunications. Deloitte & Touche Corporate Finance Pte Ltd. acted as independent financial advisor for the Directors of Nera Telecommunications Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar and The Central Depository (Pte) Limited acted as depository bank to PT Northstar Pacific Capital.

PT Northstar Pacific Capital completed the acquisition of 3.32% stake in Nera Telecommunications Ltd. (SGX:N01) for SGD 5.9 million on January 8, 2013. PT Northstar Pacific Capital acquired 12.03 million shares of Nera Telecommunications.