Buyout offer for DeClout closes with offeror holding 95% in shares and acceptances

AS at the close of Exeo Global's buyout offer for Catalist-listed technology firm DeClout on Monday, the offeror had shares and valid acceptances representing about 95.04 per cent of the total issued shares, and about 94.64 per cent of the maximum potential issued shares in the company.

Its financial adviser KPMG Corporate Finance said: "The offeror will be entitled to exercise the right to compulsorily acquire all the shares of shareholders who have not accepted the offer at the offer price. As stated in the offer document, the offeror intends to make the company its wholly-owned subsidiary."

It added that the offeror does not intend to preserve the listing status of the company, and plans to delist it following the close of the offer.