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Closing date for Eu Yan Sang takeover offer extended till Aug 29
RIGHTEOUS Crane Holding has extended the closing date for its offer for Eu Yan Sang International from Monday to 5.30pm on Aug 29.
This comes after the deadline was previously extended from Aug 1 to Aug 15.
The consortium - led by a UOB-backed fund, a Temasek Holdings unit and Eu Yan Sang's group chief executive officer Richard Eu - launched a takeover bid at S$0.60 per share.
Although the public float in Eu Yan Sang has since fallen below the required 10 per cent for it to stay listed, the consortium making the bid to take the traditional Chinese medicine group private is still not entitled to proceed with compulsory acquisition of shares that it does not already own.
Two substantial shareholders - Hillhouse Capital Management Ltd and TFW Fund - still hold a combined stake of 10.6 per cent. Substantial stakes are not counted as part of public float.
Righteous Crane has said it does not intend to restore the minimum 10 per cent float or to maintain the listing status of Eu Yan Sang.