SINGAPORE - Osim International founder Ron Sim has crossed a key threshold in his bid to take the company private.
Vision Three - the vehicle Mr Sim is using for his buyout offer - announced on Friday (April 29) that it has acquired, agreed to acquire, owned or controlled 90.64 per cent of Osim's shares as at Thursday.
Vision Three said the Singapore Exchange will suspend trading of Osim shares at the close of Mr Sim's offer, which is at 5:30 pm on Friday.
It added that it has obtained 90 per cent of shares, together with other concert parties, other than Mr Sim's own shares and treasury shares.
This would allow Vision Three "to compulsorily acquire all the Shares which have not then been tendered for acceptance on the same terms as those offered under the offer."
The 90 per cent threshold is where trading in Osim shares can be suspended due to a lack of sufficient public float.
Mr Sim launched his buyout bid late last month to take the massage chair retailer private with an initial offer of S$1.32 per share that was raised twice to its final price of S$1.39 after a trading bungle.
Vision Three also added that it is extending the deadline for its offer till May 12, but did not explain why it was pushing the date back.
Osim shares closed flat on Thursday at S$1.39.