Mandatory conditional cash offer for Tee International closes with 24.66% valid acceptances

INVESTMENT holding company Tramore Global's mandatory conditional cash offer for Tee International has closed, with valid acceptances of 24.66 per cent as at 5.30pm on Tuesday.

After Tramore Global took a 36.8 per cent stake in Tee International, it made the offer for the remaining shares in the firm, in compliance with the Singapore Code on Takeovers and Mergers.

The offer price of 3.38 Singapore cents per share represented a 25.19 per cent premium over the three-month volume-weighted average price (VWAP) per share, but a 33.73 per cent discount to the 12-month VWAP per share.

With the close of the offer, the total shares owned, controlled, or agreed to be acquired, along with valid acceptances, takes Tramore Global's stake up to 66.69 per cent.

When making the offer, Tramore Global had said that it intends to carry on Tee International's existing business, and maintain the latter's listing status following the completion of its offer.