Temasek tenders NOL shares; CMA offer now unconditional

NEPTUNE Orient Lines (NOL) on Friday said the offer from France's CMA CGM is now wholly unconditional, after NOL's majority shareholder Temasek Holdings tendered all shares in the acceptance of the offer. This means the acceptance condition of the takeover has been met.

CMA CGM now owns 78.07 per cent of all NOL shares, and does not intend to preserve the listing status of NOL.

It offered NOL shareholders the offer price of S$1.30 per share, in cash. Shares of NOL closed unchanged at S$1.30 on Thursday.

It has also consequently announced a change in the composition of NOL's board, which is now made up by the following 10 persons: chairman Rodolphe Saadé, Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.

The closing date of the offer has been extended to July 18, 2016, at 5.30 pm.