Private equity firm Navis said on Wednesday it has made an unconditional takeover offer for SEG International Bhd that values the Malaysian private tertiary education provider at 1.1 billion ringgit ($359 million), Reuters reported Wednesday.

(Reuters) – Private equity firm Navis said on Wednesday it has made an unconditional takeover offer for SEG International Bhd (SEGi) that values the Malaysian private tertiary education provider at 1.1 billion ringgit ($359 million).

The cash offer of 1.714 ringgit per SEGi share and 1.214 ringgit for each warrant will be made by Navis Asia Fund VI G.P. Ltd and Navis MGO I GP Ltd, which are acting in concert with SEG’s largest shareholder and group managing director Clement Hii.

Navis and Hii together control 61.5 percent of SEGi, assuming all the warrants are exercised and converted into shares, Navis said in a statement. ($1 = 3.0652 Malaysian ringgit) (Reporting by Kevin Lim)

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