UPDATE 1-World Point Terminals to go private in C$510 mln deal

* Says World Point Holdings to pay $19.9/shr

* Offer at 18 pct premium to Friday’s close

April 9 (BestGrowthStock) – Oil terminaling company World Point
Terminals Inc (WPO.TO: ) said it signed a letter of intent with
World Point Holdings Inc to be taken private for about C$510.5
million (about $509 million).

World Point Terminals shareholders will receive $19.90 (or
C$20.01) per share, which represents a premium of 18 percent to
the stock’s close of C$17.00 Friday on the Toronto Stock

The deal value is based on the number of outstanding shares
as of December 2009, according to Reuters data.

World Point Holdings Inc, controlled by the Novelly family,
agreed to acquire all of the issued and outstanding common
shares of World Point Terminals through a series of
transactions, the company said in a statement.

The proposed transaction is to be structured as an
amalgamation of a wholly-owned unit of World Point Holding
under the laws of the Province of Nova Scotia.

Upon completion of the deal, the shareholders will get one
preferred share of the combined entity for each share they own,
which would immediately be redeemable for $19.90, it said.

($1=1.002 Canadian Dollar)

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(Reporting by Aftab Ahmed in Bangalore; Editing by
Unnikrishnan Nair)
([email protected];within U.S. +1 646 223 8780;
outside U.S. +91 80 4135 5828;Reuters Messaging:
[email protected]))

UPDATE 1-World Point Terminals to go private in C$510 mln deal