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FRANCE'S CMA CGM has made a voluntary conditional general offer for Neptune Orient Lines (NOL) after meeting the necessary pre-conditions for the deal.
CMA has no intention to increase the offer price, which stands at S$1.30 per share, it said in a release to the Singapore Exchange on Monday evening.
The offer will become conditional once CMA has received acceptances at the close of the offer which - together with the shares owned or agreed to be acquired by itself and parties acting in concert - represent a number of shares in NOL carrying over 50 per cent of the voting rights.
Lentor Investments has provided an irrevocable undertaking to the CMA to tender - and to procure the tender by its affiliates, Temasek Holdings (Private) and Startree Investments - in acceptance of the offer of around 66.78 per cent of NOL shares. After this, the offer will become unconditional.