Intraco's mandatory conditional offer for Dynamic Colours shares lapses

INTRACO'S mandatory conditional cash offer of 18.5 cents a share for its listed associated Dynamic Colours has lapsed as it did not receive enough acceptances to make its offer unconditional.

The offer was conditional on the group having received on July 2 valid acceptances, including shares it already owns, of more than 50 per cent of the voting rights of Dynamic shares.

As at the closing Date, the total number of Dynamic shares owned, controlled or agreed to be acquired by Intraco and persons acting in concert with it and valid acceptances, amounted to about 41.05 per cent.

"As a result, the offer has not become unconditional in all respects and has therefore lapsed," Intraco said.

The group had announced the offer on May 3 following its acquisition of 20.1 million Dynamic shares at 18.5 cents each, which together with its existing stake of 29.91 per cent, raised its combined shareholding in Dynamic to 39.48 per cent.

This triggered a mandatory conditional cash offer for the remaining shares under the Singapore Code on Take-overs and Mergers.

All acceptances will be returned.