SINGAPORE (THE BUSINESS TIMES) - The voluntary cash offer to acquire all the shares of Shinvest Holding by its substantial shareholders has turned unconditional in all respects, according to a bourse filing late on Friday (March 4).
The filing stated that the total number of shares owned, controlled, acquired or agreed to be acquired by the offeror and its concert parties represented around 55.4 per cent of the total number of issued shares, as at 9 pm on Friday.
As this has exceeded 50 per cent of the maximum potential number of Shinvest shares, the offer has been declared unconditional in all respects. The closing date for the offer has also been extended by 2 weeks, to 5.30 pm on Apr 13.
Shinvest Holding, together with its subsidiaries, is an industrial group that operates as a stockist, distributor and manufacturer of a wide range of industrial fasteners. The group serves customers in Singapore as well as in the US, Europe, Malaysia, Indonesia and China.
Last month, Shinvest Holding received a voluntary conditional cash offer at $3.50 per share from a special purpose vehicle owned by the Teo family group, comprising Teo Teck Leong, Teo Eng Hwee, Teo Eng Shing and Teo Eng Thian.
Teo Teck Leong and Teo Eng Thian are directors of Shinvest Holding, and the Teo Family group held around 29 per cent of the total number of issued shares in the company when the offer was announced on Feb 16.
Shinvest shares closed unchanged at $3.42 on Friday, before the announcement.