CEO's offer for Delong crosses 90% threshold, declared unconditional

The offeror for steelmaker Delong, a vehicle led by chief executive Ding Liguo, on Thursday said that as at 5.30pm on Aug 15, 2019, it had amassed about 90.73 per cent in shares and valid acceptances of the company.

With this, the offer has been declared unconditional.

This is despite the fact there there is time left before the offer closes on September 10, 2019.

Thereafter, the offeror said it will "in due course" exercise its rights of compulsory acquisition to buy out all the shares from shareholders who have not accepted the offer at S$7 a piece.

The offeror does not intend to keep the company listed.