Shareholders of Vard Holdings have till Jan 12 to accept offer by Fincantieri subsidiary

SHIPBUILDING group Fincantieri's wholly owned subsidiary Fincantieri Oil & Gas SpA has extended the closing date for the voluntary conditional cash offer for all of the issued ordinary shares in the capital of offshore vessel builder Vard Holdings, Vard said in a Singapore Exchange (SGX) filing on Thursday.

The new closing date is now Jan 12, 2017 instead of 5.30 pm Singapore time, Dec 29.

The Italy incorporated Fincantieri, which owns a 55.6 per cent stake in Vard Holdings, had earlier offered to buy out remaining equity in the Singapore-listed firm that it does not already own, at S$0.24 per share.