Milkyway Chemical makes offer for LHN Logistics at S$0.2266 a share

CHINA’s Milkyway Chemical on Wednesday (Aug 2) made a general conditional voluntary offer for LHN Logistics, after its preconditions of approval from JTC and LHN shareholders were satisfied.

JTC on Monday had given the nod to the takeover offer, subject to a payment of S$4.1 million to the statutory board.

On Tuesday, shareholders of LHN voted in favour of disposing its entire stake in LHN logistics to Milkyway Chemical. Should less than 90 per cent of shareholders accept the offer, the offeror will preserve LHN Logistics’ listing status. Should Milkyway Chemical receive acceptances of over 90 per cent, it will compulsorily acquire all shares and delist LHN Logistics.

The offeror does not intend to maintain the listing of LHN logistics, and will not support or undertake any action to lift any trading suspensions.

LHN Logistics closed unchanged at S$0.225 on Wednesday.