GL buyout offer crosses threshold for compulsory acquisition

THE Guoco Group unit looking to take hotel operator GL private has amassed enough valid acceptances to cross the 90 per cent shareholding threshold for a compulsory acquisition.

As at 6pm on Thursday, offeror GuocoLeisure Holdings received valid acceptances representing about 90.71 per cent of the total number of shares in GL. Thus, it intends to exercise its right of compulsory acquisition to acquire all of GL's shares after its S$0.80 per share offer closes at 5.30pm on April 1. When the compulsory acquisition is completed, GL will be delisted from the Singapore Exchange.

On Monday, GuocoLeisure raised its offer price by 14.3 per cent or S$0.10 to S$0.80 per offer share, from S$0.70 previously.

The offer was also declared unconditional after the offeror obtained the Securities Industry Council's consent to waive the proposed deal's minimum acceptance condition. Before the waiver, the offer was conditional upon the offeror obtaining at least 90 per cent of GL's shares.

The waiver applies as long as the revised offer remains open for at least 14 days following the notification date and shareholders who accepted the previous offer are allowed to withdraw their acceptance within eight days of said notification date.

On March 4, GuocoLeisure extended the closing date for its voluntary conditional cash offer by two weeks to 5.30pm on March 18. The offer was set to close at 5.30pm on March 4.

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Mainboard-listed GL shares were flat at S$0.80 at Friday's close.

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