THE S$1.16 per share cash offer for shares of euNetworks Group will close on Dec 29 following Monday's despatch of the offer documents.
EUN Holdings, a private equity-led consortium, and its concert parties currently control about 59.16 per cent of the shares of euNetworks, an operator of high-capacity fibre networks.
Existing shareholders controlling about 25.79 per cent of euNetworks shares have given irrevocable undertakings not to accept the offer, ensuring that EUN's shareholding will not cross the 90 per cent threshold above which EUN may force shareholders to sell. But EUN said it will not seek to maintain euNetworks' listing status if the public free float falls below the 10 per cent minimum.
EUN said it plans to carry on the existing business of euNetworks with no current intention for any major changes.