Offer to take Perennial Real Estate private closes

THE offer by consortium Primero Investment Holdings to take mainboard-listed Perennial Real Estate Holdings private has closed, with the latter heading for a delisting.

At the close of the offer on Monday at 5.30 pm, the total number of shares owned, controlled, acquired or agreed to be acquired by Primero and concert parties (including valid acceptances of the offer) worked out to about 1.65 billion shares, or 99.01 per cent of the total issued share capital of the company.

Meanwhile, Primero also received valid acceptances for the options proposal in relation to all 39.8 million exercisable options.

Primero made the offer of S$0.95 a share in cash for all Perennial shares in June. The consortium comprises Perennial's chief executive Pua Seck Guan, chairman Kuok Khoon Hong, vice-chairman Ron Sim, agri-food group Wilmar International, and Beaufort Investment Global Company. 

The offer price represented a 37.7 per cent premium over the integrated real estate and healthcare company's close at S$0.69 on June 9 - the last trading day before the offer announcement.

Primero will exercise its right to compulsorily acquire all shares held by shareholders who have not accepted the offer, at S$0.95 apiece.

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Perennial will be delisted from the Singapore Exchange once the compulsory acquisition is completed.