Fragrance CEO's offer for New Wave lapses

Singapore

REAL estate tycoon Koh Wee Meng's bid to take over New Wave Holdings has fallen through, with 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 Thursday, 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 about 308.6 million shares. This represented 19.2 per cent of the company's total shares, well short of the over-50-per-cent level required.