Keppel Corporation and Singapore Press Holdings (SPH) will acquire all the remaining shares they do not already own in telco M1 at the offer price of $2.06 apiece and then delist the company.
Keppel and SPH, through their joint venture Konnectivity, held 92.2 per cent of all M1 shares as of 5pm on Wednesday.
This meant it had crossed the threshold of 90 per cent of the total number of issued shares other than those already held by Konnectivity and its concert parties.
This came after the offer first crossed the 90 per cent threshold last week, causing M1 to lose its free float. The delisting date will be announced in due course.
The offer remains open for acceptance till 5.30pm on March 18.
SPH is the publisher of The Straits Times.
Keppel shares closed flat at $6.19 yesterday, while SPH's was down 0.4 per cent at $2.48.