Closing date for Lian Beng offer extended again to Jun 30

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

Closing date for Lian Beng privatisation offer extended

Lian Beng makes final offer of S$0.68 per share in privatisation bid

Sias asks Lian Beng to raise ‘lowball’ offer to a ‘fair and reasonable’ price   

Minority shareholders should hold out against Lian Beng’s lowball offer

Ong family not bound by 12-month rule that bars another offer if current attempt fails, says Lian Beng

More

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

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.