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Fragrance CEO's offer for New Wave lapses

REAL estate tycoon Koh Wee Meng's bid to take over New Wave Holdings has fallen through after the lapse of his voluntary conditional cash offer for all the shares in the electronic component supplier.

In a filing to the Singapore Exchange on Friday afternoon, New Wave said that at the offer's close of 5.30pm on Nov 30, the total number of shares owned, controlled or agreed to be acquired by the offeror and parties acting in concert with it, together with valid acceptances of the offer, amounted to 19.2 per cent of its total shares, well short of the over 50-per cent level required.

All shares tendered in acceptance of the offer will be returned to shareholders.

The offer, announced on Oct 20 this year, was made through JK Global Assets Pte Ltd.

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Mr Koh, who is chief executive of Fragrance Group, offered S$0.013 per share, a premium of about 44.4 per cent over the New Wave's closing price of S$0.009 as at Oct 19, 2017.

He had said he was seeking majority control of the company, but intended to keep New Wave listed. His offer was conditional upon obtaining a majority stake in the Catalist-listed firm.