Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
SHAREHOLDERS of mainboard-listed China Flexible Packaging Holdings (China Flexpack) have until 5.30pm on Aug 7 to accept a S$1.25 per share all-cash privatisation offer by chairman and chief executive Zeng Hanming, according to offer documents that were dispatched on Monday.
Holders of the company's outstanding warrants are being offered S$0.20 per warrant, reflecting the premium that the share offer represents over the warrants' strike price of S$1.05.
The share offer price, made through acquisition vehicle Harmony Gowell Co, is final. It matches China Flexpack's closing price on Monday, and is a 23.2 per cent premium to the packaging materials maker's share price of S$1.015 on June 14, before the offer was first announced.
Mr Zeng and his concert parties, including relatives who have undertaken to accept his offer, together control about 66.27 per cent of the current issued capital of China Flexpack, or 59.97 per cent of the maximum issued share capital. That includes a 0.6 per cent stake that was acquired on July 10 from the open market.
The assurance of gaining majority control renders Mr Zeng's offer unconditional. If Mr Zeng gains control of at least 90 per cent of the company, he plans to compulsorily acquire the remaining shares.