Ambeon Essentials Ltd., a subsidiary of Ambeon Capital PLC, has announced a voluntary offer to acquire all issued and paid-up voting shares of Harischandra Mills PLC at Rs. 3,400 per share, valuing the company at approximately Rs. 6.5 billion. The move confirms pricing for the transaction initially disclosed in January.
The offer follows a Share Sale and Purchase Agreement to acquire a 51.11% controlling stake comprising 981,118 shares, valued at around Rs. 3.34 billion. The offer price represents a premium to Hayleys PLC’s acquisition price of Rs. 3,300 per share but remains below recent market highs, including a peak of Rs. 6,982.
Based on a net asset value of Rs. 964.6 per share as at end-December 2025, the offer implies a multiple of approximately 3.5 times book value. The voluntary offer, made under the Takeovers and Mergers Code, may convert into a mandatory offer upon reaching the required threshold, extending to all shareholders.