TEMASEK Holdings' offer for Olam International has been declared unconditional, as the level of acceptances crossed the 50 per cent mark of Olam's maximum potential share capital. The offer period will now be extended till 5.30pm on May 23. Temasek said that it has received 6.5 per cent of Olam's maximum potential share capital in acceptances as at 5pm yesterday, adding to the 46.2 per cent it held with its concert parties when it launched the offer. The 177 million shares work out to 7.4 per cent of Olam's issued share capital in acceptances, on top of the 52.5 per cent the consortium already held.

It has also received acceptances for 10.1 per cent of all issued warrants, but not any for convertible bonds.

The independent financial adviser to Olam, Rothschild, last week described Temasek's offer as "fair and reasonable" for shareholders and warrant holders, but not so for those holding its convertible bonds. Olam's independent directors have therefore recommended shareholders and warrant holders to accept Temasek's offer, but convertible bond holders to reject it.