Gordon Tang and wife extend closing date of cash offer for Suntec Reit to Feb 7
They do not intend to increase the offer price, which was earlier raised to S$1.19 a unit, from S$1.16
THE closing date of the mandatory conditional cash offer made by property tycoon Gordon Tang and his wife Celine to acquire all units of Suntec Real Estate Investment Trust (Reit) has been extended to 5.30 pm on Feb 7.
The offer had been slated to close on Monday (Feb 3), at 5.30 pm.
In a bourse filing, the joint financial advisers for the offer, UOB and DBS, said the offeror – investment holding company Aelios – does not intend to increase the offer price, which was earlier raised to S$1.19 a unit, from S$1.16.
After adjusting for the payment of Suntec Reit’s fourth quarter distribution to unitholders, the offeror intends to pay unitholders S$1.1743 for each unit, should the offer become unconditional in all respects in accordance with its terms.
In a subsequent bourse filing, the joint financial advisers said that as at 6 pm on Monday, Aelios and its concert parties owned, controlled or agreed to acquire over one billion units, or 35.6 per cent, of the total number of issued units in Suntec Reit. The trust has 2.9 billion units in issue.
The offer was initially triggered after Aelios’ deemed interest in the Reit reached 31.5 per cent, after acquiring 62.5 million units on Dec 5 by way of on-market transactions at S$1.16 apiece.
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Aelios was previously deemed to have a 29.3 per cent stake in the trust.
The investment holding company said that the offer was made solely to comply with Rule 14.1 of the Take-over Code, by which any entity controlling more than 30 per cent of a Reit must make a mandatory general offer to acquire its remaining units.
The company added that it intends to maintain the listing status of Suntec Reit on the Singapore Exchange, following completion of the offer.
The offer will turn unconditional once Aelios owns 50 per cent or more of the trust’s total units.
Suntec Reit fell 0.8 per cent or S$0.01 to S$1.18 on Monday, before the announcement.
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