Riady family buyout offer for Sunshine bread maker Auric Pacific reaches 86.45% of shares

SINGAPORE - The Riady family and concert parties hold an aggregate 86.45 per cent of the total shares in Auric Pacific as at 5pm on March 9, the company announced on Friday (Match 10).

The offer to take the group private at S$1.65 per share made on Feb 7 by Silver Creek Capital, an investment vehicle jointly owned by Mr Stephen Riady and his son-in-law Andy Adhiwana, who were controlling shareholders of Auric, the maker of Sunshine Bread and owner of Food Junction foodcourts and Delifrance cafes.

Silver Creek will need to acquire or receive acceptances for another 3.55 per cent of the shares in order to hold more than 90 per cent to satisfy the acceptance condition and declare the offer unconditional.

Unlike other general offers, this one does not entitle Silver Creek to compulsorily buy any remaining shares from shareholders who do not accept its offer.