AEM Holdings, which is on a roll riding the up-cycle of the semiconductor industry, is offering to privatise circuit board maker CEI at $1.15 per share, valuing the target at $99.7 million.

Existing CEI shareholders are given three choices. They can take all $1.15 in cash. Or, they can take 97.75 cents in cash and 0.0486 new AEM shares priced at $3.55 for each CEI share they hold. Last but not least, they can choose 80.5 cents cash or 0.0972 new AEM shares for each CEI share.

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