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Lizhong bidder's stake now at 86.98%

THE offeror that plans to take Lizhong Wheel Group private has amassed an effective 86.98 per cent stake in the aluminium alloy wheel maker, near the 90 per cent trigger to turn the bid unconditional.

Berkley International, which is owned by Lizhong's controlling Zang family, is offering 50 Singapore cents per Lizhong share. Shareholders have until 5.30pm on Oct 2, 2015, to decide on the offer.

Lizhong shares closed unchanged at 50 Singapore cents on Monday.