CEI Limited buy-out offer turns unconditional, closes

THE voluntary conditional offer for CEI Limited has turned unconditional and is now closed, the company said in a bourse filing on Monday.

Valid acceptances and the total shares owned, controlled or agreed to be acquired by the offeror AEM Holdings and its concert parties amounted to 92.12 per cent as at 5.30pm on Monday.

AEM Holdings will proceed to exercise its right of compulsory acquisition of all the remaining shares and subsequently delist the company from the Singapore Exchange.

AEM Holdings, a mainboard-listed electronics services provider, offered S$1.15 in cash for each share in CEI. It said the contract manufacturer is a "strategic fit" for its business, and the acquisition could provide opportunities for better supply-chain integration, wider cross-selling and improved manufacturing processes.

CEI shares closed flat at S$1.15 on Monday. AEM shares closed up four Singapore cents or 0.99 per cent to S$4.08.