Closing date for Lian Beng offer extended to Jul 7
Chong Xin Wei
THE closing date for the offer to take construction and engineering company Lian Beng private at S$0.68 per share has been extended further to 5.30 pm on Jul 7, from Friday (Jun 30).
This comes after the total number of shares held by the offeror, its concert parties and valid acceptances reached 87.74 per cent of Lian Beng’s total number of issued shares as at 6 pm on Wednesday.
The extension means Lian Beng will have one more week to gather enough acceptances to cross the 90 per cent threshold and compulsorily acquire the remaining 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.
In May, OSC Capital – the investment vehicle of the company’s controlling Ong family – made a final offer consideration of S$0.68 a share, with no plans for revision, after the Securities Investors Association (Singapore) said the initial bid of S$0.62 per share did not appear to be “fair or reasonable”.
The revised deal is 9.7 per cent higher than the initial offer price, which was less than half of Lian Beng’s net asset value per share of S$1.54 per share as at end-November last year.
Lian Beng’s shares were trading flat at S$0.68 as at 3.08 pm on Friday.
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