Blumont takeover receives valid acceptances of 0.38% by close of offer

THE mandatory unconditional cash offer for Blumont Group from Malaysian businessman Siaw Lu Howe closed on Thursday evening and will no longer be open for acceptances.

As of Oct 12, the offeror received valid acceptances representing some 0.38 per cent of the total number of issued shares.

The mandatory unconditional cash offer was triggered by the acquisition of a 69.56 per cent stake or 22 billion shares in Blumont by Ultimate Horizon yesterday for S$4 million or 0.018172 cent a share in August.

Asian Corporate Advisors, independent financial advisor (IFA) of Blumont Group directors, said in a circular that shareholders should reject the takeover offer as the transacted prices for shares during the the 12-month period prior to the offer announcement date of the takeover offer and period from the announcement date to the latest practicable date "were substantially higher than the offer price".