Mandatory offer for Penguin turns unconditional; closing date extended
THE mandatory offer for Penguin International has turned unconditional, as valid acceptances and the total shares owned, controlled or agreed to be acquired by the offeror and its concert parties amounted to 50.29 per cent of total shares as at 6pm on Thursday.
Having turned unconditional, the offer will now remain open for acceptance until 5.30pm on March 24 or a later date that may be announced. This is to comply with the rule that requires the offer remain open for not less than 14 days after the date on which it would otherwise have closed, which was March 10.
On Jan 21, Penguin's executive chairman Jeffrey Hing and managing director James Tham announced that they were forming a consortium called Emet Grace with a Dymon Asia fund to take the company private, offering S$0.65 per share.
Mr Hing owns a 55 per cent stake in Emet Grace, Mr Tham owns 5 per cent, and a fund managed by Dymon Asia Private Equity (Singapore) holds the remaining 40 per cent.
Mr Hing and Mr Tham together own 21.56 per cent of Penguin shares, and undertook to accept the offer.
Penguin shares closed flat at S$0.65 on Thursday.
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