Voluntary offer for Poh Tiong Choon Logistics turns unconditional

THE voluntary conditional cash offer for Poh Tiong Choon Logistics (PTC Logistics) was declared unconditional in all respects on Thursday, after the minimum acceptance condition has been satisfied.

The closing date for the offer was hence extended from Nov 6 to Nov 20.

PTC Logistics had in September received a buy-out offer pegged at S$1.30 per share from Respond Logistics, a vehicle backed by the firm's chairman, Poh Choon Ann, and Tower Capital logistics, an affiliate of Tower Capital Logistics. The offer values the firm at S$275.5 million.

Including the acceptances received for the offer which represented 0.09 per cent of PTC Logistics' total issued shares, the resulting holdings of the offeror stood at 67.76 per cent as of Thursday.