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Lee family gets over 90% of 800 Super shares, offer turns unconditional

THE offer by the Lee family that controls 800 Super Holdings to take the Catalist-listed rubbish collection firm private turned unconditional on Monday after crossing the 90 per cent threshold.

As at 5 pm on June 17, 8S Capital Holdings had received valid acceptances amounting to 162.4 million shares, representing about 90.8 per cent of the total number of issued shares of the company, including shares owned, controlled or agreed to be acquired by the offeror and its concert parties.

The Lee family controlled about 77.6 per cent of the company at the time they launched the bid to delist 800 Super.

Accordingly, the closing date has been extended to July 8, from June 24. The offeror has no intention of extending the offer beyond July 8.

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In May, the Lees announced it wanted to offer S$0.90 in cash for each 800 Super share, in a deal that values the company at S$161 million.

800 Super closed unchanged on Monday at S$0.89 before the announcement was made.

The Lee family is tapping private equity firm KKR to finance the offer. KKR will provide a combination of debt and structured equity financing, from pools of capital including KKR’s Private Credit Opportunities II fund and proprietary investment vehicles.

It was previously reported that if the offer becomes unconditional, the offeror will issue fixed rate bonds due 2023 and convertible preference shares for subscription by KKR's funds. KKR will also get a board seat in the offeror.