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Kingboard Copper offer closes, company to be delisted
THE buyout offer for Kingboard Copper Foil has closed, with the offeror group - Kingboard Laminates and Kingboard Holdings - now owning some 98.5 per cent of the shares issued, having obtained valid acceptances of the offer representing some 10.5 per cent of the shares issued.
The latest update on the level of acceptances of the offer was issued on Tuesday, following the close of the offer at 5.30pm last Thursday.
The company's shares have been suspended from trading since 9am last Friday, when their free float fell below 10 per cent.
The offer was S$0.60 in cash for each share, which independent financial adviser SooChow CSSD Capital Markets (Asia) deemed "not fair but reasonable".
The offeror group says it intends to take steps to delist Kingboard Copper Foil.