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OSIM International shares were purchased by mistake by the offeror at a higher price than the original final offer, said Credit Suisse, who is acting on behalf of OSIM founder Ron Sim for his privatisation attempt of the firm.
In a clarification announcement on Monday afternoon, Credit Suisse noted that the 17 million shares purchased between S$1.38 and S$1.39 - above the ex-dividend original final offer price of S$1.37 - were made "inadvertently" for and on behalf of the offeror, a vehicle of Mr Sim to privatise the firm.
"These shares were purchased under the impression that the purchases were within the revised offer price as stated in the revised offer announcement," Credit Suisse said.
As a result, the offeror, upon consultation with takeover regulator Securities Industry Council, revised the final offer price on Friday night to S$1.39 on an ex-dividend basis, or S$1.41 with the final dividend of two cents.
Takeover rules state that if an offer is revised, all shareholders who accepted the original offer must receive the revised consideration. The principles of the rules also state that shareholders should be treated equally, having "sufficient evidence, facts and opinions upon which an adequate judgment and decision can be reached and (having) sufficient time to make an assessment and decision".
OSIM shares were trading at S$1.39, the ex-dividend revised final offer price, on Monday at 4.15pm. More than 19 million shares have changed hands.
No further revision will be made, Credit Suisse said. "The offeror confirms that the no increase statement in the further revision announcement is final."
Last Tuesday, there was some confusion over the offer price, because the shares had gone ex-dividend on Monday while books closed only on Wednesday. Shares traded from S$1.365 to S$1.40 that day.