SINGAPORE - The closing of the buyout offer for Cityneon Holdings has been extended from 5.30pm on Dec 26 to the same time on Jan 9, the offeror announced on Wednesday afternoon (Dec 26).
The offeror, West Knighton Limited, a special purpose vehicle indirectly owned by Cityneon group chief executive Ron Tan and Hong Kong entrepreneur and investor Johnson Ko Chun Shun, currently holds a 97.73 per cent stake in Cityneon, giving the vehicle enough control of the company to compulsorily acquire the rest of the shares and delist Cityneon.
Dissenting shareholders will receive a letter from the offeror on the compulsory acquisition of their shares in due course.
On Oct 29, Mr Tan, together with Mr Ko, launched a mandatory unconditional cash offer for the rest of Cityneon's shares with the purpose of delisting and taking Cityneon private. This was triggered after its acquisition of an approximately 68.95 per cent stake in Cityneon Holdings from Lucrum 1 Investment, at $1.30 per share for $219.3 million through West Knighton.