MAJORITY shareholders of consumer electronics retailer Challenger Technologies : 573 0% have raised their voluntary unconditional cash offer for the company to S$0.60 per share to take it private.

In a bourse filing on Tuesday (Jun 6), the offeror, Digitech Holding, said it would raise the cash offer by 7.1 per cent, or S$0.04 per share from the original offer price of S$0.56 that it proposed on May 30.

Digitech Holding does not intend to revise the final offer consideration.

The offeror noted that the highest closing price of the shares in the five-year period prior to May 29 was S$0.61.

The latest offer price also represents a 10.5 per cent premium over the volume-weighted average price of S$0.543 per share for the company’s shares in the one-month period before the cash offer was made.

“The offeror is of the view that the final offer consideration reinforces the attractiveness of the clean cash exit opportunity for shareholders to realise their entire investment in the shares at a premium over the historical traded prices without incurring brokerage and other trading costs,” it said.

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As at Jun 6, 6pm, persons acting or deemed to be acting in concert with the offeror collectively own or control 64.76 per cent of the total number of shares in Challenger.

There have been no additional acceptances of the offer as the offer document and acceptance forms will only be despatched between two to three weeks after the May 30 announcement.

Shares of the company closed flat at S$0.58 on Tuesday.