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Sim Lian says privatisation offer by Coronation 3G now unconditional
SIM Lian Group (SLG) on Tuesday said that the privatisation offer of the company by Coronation 3G has been declared unconditional.
SLG, in an announcement to Singapore Exchange, said that as at 5pm on Monday, the total number of shares owned, controlled or agreed to be acquired by Coronation 3G and its concert parties, and the valid acceptances of the offer, amounted to some 906.3 million shares, representing about 90.10 per cent of the total number of shares.
"The minimum acceptance condition of the offer is now fulfilled."
The offer will remain open for acceptance until 5.30 pm on Oct 10.
The Business Times understands that the 90 per cent acceptance condition has been obtained just seven days after the release of the offer document on Aug 29, and before the release of the IFA report.
On Aug 16, SLG announced that PricewaterhouseCoopers Corporate Finance has been appointed the independent financial adviser (IFA) for the privatisation offer by Coronation 3G.
The latter, a consortium led by the founder of SLG, is making a voluntary conditional cash offer of S$1.08 per share for all the outstanding shares in SLG that it doesn't already own or has agreed to acquire.