Nan Fung raises offer price for Forterra Trust to $2.25

Hong Kong property developer Nan Fung International Holdings said Monday it has raised its cash offer for Singapore-listed Forterra Trust from $1.85 to a final offer price of $2.25 per unit.

This followed Nan Fung's purchase of an additional 53.9 million units by way of a number of married trades on the Singapore Exchange at $2.25 each.

The new offer price translates to a 32.4 per cent premium over the last traded price per unit on Nov 3, and a 50.6 per cent premium over the volume-weighted average price of shares for the one-month period up to and including Nov 3.

The cash offer turned unconditional after Nan Fung acquired more than 50 per cent of the maximum potential total units in Forterra. Nan Fung said that as of last Friday, it has not received any valid acceptances in respect of the offer units.

The closing date of the offer will be extended from Dec 18 to Jan 5.