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SINO Construction has said that its takeover bid for Guildford Coal (GUF) will lapse on Feb 25 after the Australian-listed firm announced plans for a rights issue.
On Jan 5 this year, GUF announced its intention to undertake a rights issue to raise funds of approximately A$7 million (S$7.39 million). The issue of new GUF shares during the offer period breaches a condition set out in the offer for the takeover.
"The takeover bid will therefore lapse at the end of the offer period on 25 February 2015, and the company will not be seeking the approval of shareholders for the takeover bid," Sino Construction said.
Sino Construction added: "All acceptances which have been received to date in respect in the takeover bid will, with effect from the closing date, 25 February 2015, not be effective."