Toll Express (Asia) said last Saturday that it has received acceptances representing 46 per cent of Kimtrans' share capital for a voluntary offer announced two months back.

It had owned a 26 per cent stake prior to the acquisition bid.

Toll Express is offering 70 cents for every Kimtrans share it does not own. Its parent company had just taken over SembCorp Logistics last year.

Should its final shareholding hit above 90 per cent, it will pay 80 cents per share instead.

The acceptances received as at the end of last Friday included a combined 31 per cent stake held by two major Kimtrans shareholders.

Both Kimtrans Singapore and investor Tan Choon Hock had earlier signed 'irrevocable undertakings' to sell their Kimtrans shares to Toll Express when the offer was announced.

Toll Express said that its business is highly complementary with that of Kimtrans. Both companies will be able to tap each other's core capabilities and customers to advance their regional capability and network.

The offer will expire at 5.30pm. If Toll Express manages to acquire a stake above 90 per cent, it will exercise its rights of a compulsory acquisition and take the Singapore firm private.