SINGAPORE - AF Global's general offer for LCD Global Investments has become unconditional after crossing the 50 per cent control threshold, moving the Aspial-Fragrance joint venture closer to taking over the Singapore-listed hospitality and investment holding firm.
This follows AF Global's announcement on Jan 12 of a conditional cash offer of 33 cents per share for all of LCD Global shares, as Aspial and Fragrance attempted to wrestle control of LCD from its major shareholder JTrust.
AF Global is the takeover vehicle of Aspial and Fragrance.
As of Feb 3, the offer has received valid acceptances in respect of an aggregate of 312.6million shares, which amount to a 29.7 per cent stake. This gives AF Global - which holds 29.3 per cent stake in LCD Global - around 59.3 per cent of the company's shares.
The offer will remain open until 5.30pm on March 12.
The announcement came after JTrust said on Tuesday that it is willing to sell its 29.5 per cent shares in LCD Global to AF Global, marking a resolution of a long takeover battle that has emerged since October last year.