Fincantieri extends exit offer for Vard to Oct 15

FINCANTIERI Oil & Gas has extended the deadline on its buyout offer for shipbuilder Vard Holdings once again, by about three and a half weeks to 5.30pm on Oct 15, Vard said in a filing on the Singapore Exchange on Wednesday afternoon.

Fincantieri, which is offering S$0.25 per Vard share to take the shipbuilder private, currently has effective control over a 94.73 per cent stake in Vard. It does not intend to extend the exit offer beyond 5.30pm on Oct 15, which is the final closing date.

All other terms set up in the exit offer letter remain unchanged, Vard said.

Vard's shareholders approved the delisting in July. The counter last traded at S$0.25 on Wednesday morning before the exit offer extension was announced.