Temasek's offer for Sembmarine turns unconditional

Shares of Sembmarine closed flat at 7.9 cents on Monday, below the eight cents offer price. PHOTO: SEMBCORP MARINE

SINGAPORE (THE BUSINESS TIMES) - The mandatory general offer by Temasek Holdings for Sembcorp Marine (Sembmarine) has turned unconditional after the total shares it owns, controls or agreed to be acquired crossed the 50 per cent threshold.

In a bourse filing on Monday night (Nov 1), it was disclosed that Temasek has garnered acceptances equal to 4 per cent of Sembmarine's total shares. This brings the shares that Temasek owns, controls or agreed to be acquired to 50.6 per cent of Sembmarine's total shares.

The remaining shareholders have until 5.30 pm on Nov 3 to accept the offer, and will not be able to do so after that. Temasek reiterated that the offer will not be extended beyond the closing date.

Shares of Sembmarine were unchanged at 7.9 cents as of 1.18pm on Tuesday.

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