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Lim family's Hupsteel offer crosses 90% mark, declared unconditional

THE founding Lim family's voluntary conditional cash offer for steel trader Hupsteel has received valid acceptances representing 90.013 per cent in the mainboard-listed firm as at 5pm on Wednesday, Hupsteel announced in a regulatory filing that night.

This has taken it over the minimum 90 per cent needed to succeed, and the offer has accordingly become unconditional.

This comes after the offer was extended from its original closing date of Aug 16 to Aug 30. Upon an offer becoming unconditional, it must remain open for acceptance for not less than 14 days after the date on which it would otherwise have closed. The closing date of the offer has thus been extended from Aug 30 to Sept 13.

The Lim family launched the offer at S$1.20 per share in June to delist Hupsteel. The offer price represented a premium of 51.9 per cent over the last transacted price per share of S$0.79 on June 27, being the last full market day immediately prior to the offer announcement.

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Hupsteel shares closed up one Singapore cent or 0.85 per cent at S$1.19 on Wednesday before the announcement.