Company Briefs : Indofood Sukses Makmur

Indofood Sukses Makmur

Indomie maker Indofood Sukses Makmur's buyout offer of 32.75 cents per share for mainboard-listed Indofood Agri Resources has lapsed.

As at the close of the offer at 5.30pm on Tuesday, the shares owned, controlled or agreed to be acquired by the offeror and its concert parties, including valid acceptances of the offer, resulted in a shareholding of 88.08 per cent.

Indofood Sukses Makmur's offer was conditional upon the concert group holding more than a 90 per cent stake in Indofood Agri. As a result, the offer has lapsed and all offer shares tendered in acceptance of the offer will be returned to shareholders.

The offeror and its concert parties will own 74.53 per cent of Indofood Agri after offer shares have been returned to shareholders who had accepted the offer.


Boardroom

Corporate secretarial services firm Boardroom has applied to be delisted from the Singapore Exchange's mainboard after its free float dropped below the 10 per cent mark on June 6.

In connection with the proposed delisting, substantial shareholder Symphony House, which owns 7.63 per cent of Boardroom shares, gave an irrevocable undertaking on Tuesday to vote in favour of the delisting if any shareholder meetings are convened.

The undertaking will also see Symphony House holding on to its shares until the takeover offer closes. In addition, it will not be allowed to dispose, grant any rights or options or enter any agreements which transfer any of the legal, beneficial or economic consequences of ownership of its stake in Boardroom.

Salacca, the GK Goh Holdings unit that launched a takeover offer for Boardroom, had earlier said it does not intend to restore the free float requirement for the mainboard-listed company and will seek to delist it. Last month, GK Goh made a voluntary unconditional cash offer for Boardroom at $0.88 per share.

GK Goh's offer for Boardroom shares remains open for acceptances until 5.30pm on Friday.

As at 5pm on Tuesday, some 87.68 per cent of Boardroom shares were controlled or set to be acquired by offeror Salacca and its concert parties, including valid acceptances of the takeover offer.

A version of this article appeared in the print edition of The Straits Times on June 27, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe