Buy-out offer for DeClout to close on Feb 18

TOKYO-LISTED Kyowa Exeo Corp has released the timeline in its buy-out bid for Catalist-listed technology firm DeClout, in an offer document put out by financial adviser KPMG on Monday.

DeClout shareholders have until the close of the offer, on Feb 18 at 5.30pm, to accept Kyowa unit Exeo Global's cash offer of S$0.13 a share, although the offeror can still extend this deadline.

The company's circular, which will contain the independent financial advisers' recommendations and the independent directors' views, is due two weeks before the close - that is, by Feb 4.

Kyowa, a Japanese engineering conglomerate, said in early January that it plans to privatise and delist DeClout. The success of the offer, which values DeClout at some S$86.6 million, depends on the offeror and its concert parties managing to hold more than 50 per cent of DeClout by the closing date.

The offeror owned, controlled or had agreements to acquire DeClout shares amounting to a 12.91 per cent stake, as at Jan 17, according to the most recent dealings disclosure statement. This was not counting shares held by the undertaking shareholders that would be tendered for acceptance of the offer.

DeClout last closed at the offer price of S$0.13.