Offer for Penguin closes; offeror, concert parties to hold 80.05% stake

THE offer for mainboard-listed Penguin International closed on Wednesday with total acceptances of 63.2 per cent.

The offeror and its concert parties will own 80.05 per cent of Penguin, or an aggregate of 176.2 million shares in the company.

Jeffrey Hing, Penguin's executive chairman, James Tham, managing director, and Dymond Asia had teamed up to make an offer for all the shares of Penguin they do not already own, at an offer price of S$0.65 per share.

At the close of the offer, the offeror said it had received acceptances amounting to 21.7 per cent of Penguin from persons acting in concert and 6.2 per cent from KS Investments.

Prior to a holding announcement, the offeror and its concert parties had held 21.7 per cent of Penguin. Following the holding announcement, they further acquired 16.8 per cent on the open market.

As at 10.01am on Thursday, shares of Penguin were trading 3.1 per cent or S$0.02 higher at S$0.67.