Riady family's offer of $1.65 cash apiece for Auric Pacific is final

SINGAPORE - The Riady family's takeover bid at $1.65 cash a share to delist Auric Pacific Group is final, and will not be revised.

Financial adviser RHB Securities, on behalf of Silver Creek, said it is making the clarification as the offeror received feedback that some shareholders "may not be aware of certain facts relating to the offer."

Unlike other general offers, this offer doesn't entitle Silver Creek to compulsorily buy any remaining shares from shareholders who do not accept the offer, according to a filing to the Singapore Exchange Tuesday evening.

Shareholders who have not accepted the offer as at the close of the offer, will not have any right to request the offeror to buy their shares.

The offer to buy out the remaining shareholders is expected to open by the end of this month, and close by the end of March.

The offer was made last Tuesday (Feb 7) by Silver Creek Capital, an investment vehicle jointly owned by Dr Stephen Riady and his son-in-law Andy Adhiwana, who are controlling shareholders of Auric Pacific, the maker of Sunshine bread and owner of Food Junction foodcourts and Delifrance cafes.

Mr Riady holds 49.28 per cent of Auric Pacific, indirectly through Hong Kong-listed Lippo China Resources; Dr Adhiwana holds, indirectly through Goldstream, 27.44 per cent. Since the offer, Silver Creek has acquired a 3.08 per cent stake. Together, all three hold 79.8 per cent in the group.

If the offeror and its concert parties manage to pool more than 90 per cent of the total number of shares, including the 76.72 per cent that both Mr Riady and Dr Adhiwana already own, a delisting is on the cards.

A report by the independent financial adviser (IFA) on the fairness and reasonableness of the offer is expected to be out early next month.

Silver Creek noted that the shares of Auric Pacific have not closed at or above the offer price in nearly 18 years since December 1999.

The $1.65 price is a 13.4 per cent premium over the counter's last-traded price on Feb 3, its last traded day before the offer announcement.