Koufu privatisation offer closes with 98.19% valid acceptances; trading suspended
SHARES in food court operator Koufu VL6 : VL6 0%were suspended on Thursday (Feb 24) from 9 am upon losing its free float.
This comes after its founders' voluntary conditional cash offer for the mainboard-listed company closed on Feb 23, with the offeror receiving valid acceptances representing 98.19 per cent of Koufu's total issued shares.
About 428 million offer shares representing about a 77.41 per cent stake in the company were tendered by Jun Yuan Holdings as part of an irrevocable undertaking. Another 2.8 million offer shares representing a 0.51 per cent interest in the company were tendered by parties acting in concert with the offeror.
The company's independent non-executive directors Hoon Tai Meng and Tan Huay Lim as well as lead independent director Yu Lai Boon had also disposed of 100,000 ordinary shares - representing a direct or deemed interest in the company of 0.018 per cent per individual - after accepting the takeover offer.
Koufu's founders in December 2021 made the S$0.77 per share cash offer to take the company private.
They intend to exercise their right to compulsorily acquire all shares held by dissenting shareholders on or after Mar 19, before proceeding to delist the company.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
READ MORE:
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Paramount bidders await word from special committee evaluating options
Stocks to watch: Singtel, Venture Corp, ARA H-Trust, YHI International, LHN
Optus names National Broadband Network’s Stephen Rue as incoming chief
More than 90% of stablecoin transactions aren’t from real users, study finds
RBA to keep key rate at 12-year high as inflation stirs anew
Buffett praised Apple after trimming it, drops Paramount stake