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Closing date for Tat Hong offer extended till May 21
THE bidder looking to privatise crane supplier Tat Hong Holdings has extended the closing date for the offer, from May 14 to May 21, 5.30pm.
A reminder letter has been despatched to shareholders.
THSC Investments, the takeover vehicle controlled by Tat Hong Holdings chief executive Roland Ng, and SCPE - the private equity arm of Standard Chartered - recently also raised their offer by five Singapore cents to 55 Singapore cents per share.
The bidder has cited Tat Hong's low trading volume and the compliance cost of maintaining a listed status as reasons for taking the company private.
The bidder has also said that a privately held company will provide more managerial flexibility and allow better use of resources.
As at 5pm on May 11, the offeror has received valid acceptances representing approximately 86.46 per cent of the total number of issued shares in Tat Hong.