SINGAPORE - BRC Asia has secured enough acceptances to gain control of 90.45 per cent of Lee Metal Group, and will proceed with plans to delist the target company, the Singapore Exchange announced on Wednesday (June 6).
The deadline for accepting the offer remains at 5.30pm on June 21.
Because the public float is below the 10 per cent minimum set by the Singapore Exchange, trading in Lee Metal will be suspended at the close of the offer.
BRC Asia, a steel prefabrication company, is offering to buy industry peer Lee Metal at 42 Singapore cents per Lee Metal share. The deal has received the green light from the Competition and Consumer Commission of Singapore.
BRC Asia has said that it plans to maintain Lee Metal's business and retain existing employees.
Shares in Lee Metal Group last traded flat at 42 cents apiece on Tuesday, while shares in BRC Asia last traded at $1.28 on as at 9.34am on Wednesday.