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Cash offer to delist Memtech extended to July 12

MEMTECH International announced on Thursday night that the closing date of a voluntary conditional offer from controlling shareholders, the Chuang family, to delist the Singapore-listed electronics components manufacturer has been extended.

The closing date was extended to 5:30pm on July 12 from June 28.

There will be no change to the final offer price of S$1.35 in cash for each share, in a deal that values the company at S$189 million.

As at 5pm on June 27, the total number of shares owned, controlled or agreed to be acquired by the offeror and its concert parties represent about 87.9 per cent of the total number of shares.

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The offer will become unconditional if the offeror receives, by the close of the offer, valid acceptances for it to control no less than 90 per cent of Memtech. The offeror has also reserved the right to reduce the acceptance condition to 50 per cent.

Memtech's shares closed up S$0.01 or 0.8 per cent at S$1.34 on Thursday.