M1 buyout offer closes with 95% shares acquired

THE buyout offer for telco M1 Limited closed on Monday at 5.30pm, with the total number of shares acquired by offeror Konnectivity Pte Ltd representing approximately 94.55 per cent.

Following the close of the offer, Konnectivity intends to exercise its right to compulsorily acquire all the shares of the dissenting shareholders at an offer price of S$2.06 per share on or after Apr 16, on the same terms and conditions of the voluntary conditional general offer.

M1 will be delisted from the Singapore Exchange upon completion of this compulsory acquisition exercise. The delisting date will be announced in due course, Konnectivity said.

Konnectivity is a joint-venture company between Keppel Corporation and Singapore Press Holdings (SPH), which publishes The Business Times. The joint-venture company is majority owned by Keppel.

As the offeror holds more than 90 per cent of the shares, having first crossed the threshold on Feb 27, trading in M1 will be suspended as it no longer meets the free float requirement by the Singapore Exchange.

M1 closed at S$2.05 on Monday before the announcement, down one Singapore cent or 0.48 per cent. SPH retreated two Singapore cents or 0.81 per cent to S$2.45, while Keppel Corp gained three Singapore cents or 0.49 per cent to S$6.16.