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Offer to delist SK Jewellery closes with 97.8% valid acceptances
THE voluntary cash offer for SK Jewellery Group closed on Oct 16, with the offeror receiving valid acceptances representing approximately 97.8 per cent of the total number of issued shares.
The founders of SK Jewellery, through investment holding company OroGreen Investment, had in September launched an offer of S$0.15 per share for all the issued and paid-up ordinary shares in the Catalist-listed company to take it private.
With the close of the offer that saw valid acceptances of over 90 per cent, the offeror is entitled to and intends to compulsorily acquire all the shares of shareholders who have not accepted the offer at the same offer price.
The offeror believes that privatising the company will provide the offeror and the company with greater control and management flexibility to manage the group's business, respond to changing market conditions and optimise the use of the company's management and resources.