Buyout offer for LTC Corporation extended to April 9

THE closing date for the voluntary conditional cash offer for LTC Corporation has been extended from March 26 to 5.30pm on April 9.

The offer for the mainboard-listed company from a group of LTC Corporation's controlling shareholders from the Cheng family is at S$0.925 per share.

LTC Corporation engages in property rental and development, as well as steel trading in Singapore and Malaysia.

The group's bid vehicle - Mountbatten Enterprises - had secured irrevocable undertakings for approximately 48.54 per cent of LTC Corporation's total number of issued shares, it was reported on March 12.

Mountbatten has said its proposed takeover is conditional on it receiving acceptances which would result in it or its concert parties holding at least 90 per cent of the issued shares at the close of the offer.

Mountbatten had also reserved the right to reduce the 90 per cent acceptance condition to a lower level which is more than 50 per cent of the total number of issued shares.

LTC Corporation shares were trading unchanged at S$0.915 at 2pm on Monday.