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Offer for Star Pharmaceutical closes with enough acceptances for delisting

THE offer for mainboard-listed prescription drugmaker Star Pharmaceutical has closed, with its executive chairman succeeding in a bid to take it private. 

As at 5.30 pm on Oct 7, the total number of shares owned, controlled or agreed to be acquired by the offeror and the concert parties, and for which valid acceptances of the offer have been received, reached about 42.68 million shares, representing a shareholding of 93.06 per cent. 

Trading of the shares will be suspended at the close of the offer, as the offeror intends to take steps to delist the company from the Singapore Exchange. 

The offeror - comprising executive chairman Xu Zhi Bin and a special-purpose vehicle of which he is the sole director - will in due course exercise his right to compulsorily acquire all the shares of shareholders who have not accepted the offer at the close on the same terms and conditions as the S$0.45 a share offer.

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