Closing date for Lian Beng offer extended again to Jun 30
Michelle Zhu
THE closing date for the offer to take construction and engineering company Lian Beng private at S$0.68 a share has been extended further to 5.30 pm on Jun 30, from Friday (Jun 9).
This comes after the total number of shares held by the offeror, its concert parties and valid acceptances reached 82.42 per cent of Lian Beng’s total number of issued shares as at 6 pm on Wednesday.
The extension means Lian Beng will have three more weeks to garner enough acceptances to cross the 90 per cent threshold and compulsorily acquire the rest of the shares in the company.
A separate announcement on the level of acceptances for the offer as at 6 pm on Friday will be made by 8 am the following Monday.
Offeror OSC Capital is the investment vehicle of Lian Beng’s controlling Ong family, which raised its offer price to a final S$0.68 per share in May, after the Securities Investors Association (Singapore) said the initial bid of S$0.62 per share did not appear to be “fair or reasonable”.
OSC Capital’s revised deal is 9.7 per cent higher than the initial offer price, but less than half of Lian Beng’s net asset value per share of S$1.54 as at end-November 2022.
SEE ALSO
Shares of Lian Beng were trading flat at S$0.685, or half a cent above the offer price, as at the midday break on Friday.
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