Nordic Group's offer for Starburst turns unconditional

MAINBOARD-LISTED Nordic Group MR7 on Monday (Jan 24) said that its offer for engineering specialist Starburst Holdings 40D has turned unconditional.

In a filing to the Singapore Exchange, Nordic said that the total shares owned, controlled or agreed to be acquired by its wholly-owned unit Nordic Flow Control - which made a voluntary conditional offer for Starburst last November - and its concert parties constituted about 69.7 per cent of the total issued shares of the company as at 6 pm on Monday.

Phillip Securities, which is acting as the financial adviser to Nordic Flow Control, said the offeror has received valid acceptances of some 173.1 million shares, which represents approximately 69.7 per cent of the total number of issued shares of the company.

The offer was declared unconditional in all respects on Monday, as the offeror and its concert parties now hold more than 50 per cent of the total number of shares in issue.

Phillip Securities also said that the closing date for the offer has been extended to 5.30 pm on Mar 7 from Feb 21 previously.

In November last year, Nordic Group announced its intention to make a voluntary conditional offer for engineering group Starburst Holdings at S$0.238 per share in cash.

The group said that the business and operations of the Starburst group are a "strategic fit" and will provide "synergistic benefits". Nordic Group had added that it will consider delisting the company from SGX should it garner the necessary acceptances.

Shares of Nordic Group closed 1.2 per cent or S$0.005 down at S$0.40 on Monday, while shares of Starburst closed flat at S$0.235.