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Offeror raises Tat Hong bid by 5 cents to S$0.55 per share
A PARTNERSHIP between Tat Hong Holdings' chief executive and Standard Chartered's private equity arm has raised its general offer for Tat Hong shares to 55 Singapore cents per share, five cents above its earlier bid.
The deadline for the offer has also been extended to May 14, 2018, according to an announcement by THSC, the takeover vehicle controlled by Tat Hong chief executive Roland Ng and Standard Chartered's SCPE.
The new offer price, which is final, represents a 13.4 per cent premium over Tat Hong's last traded price of 48.5 Singapore cents on Wednesday. Independent financial adviser ANZ had found the earlier offer of 50 Singapore cents per share to be "fair and reasonable", and Tat Hong's independent directors had recommended that shareholders accept the earlier offer.
The offeror had effective control of about 82.5 per cent of Tat Hong's issued shares at the business close of Wednesday, comprising shares already owned by the offeror and concert parties, and valid acceptances. The bidders plan to delist the company.
Following the completion of the offer, Mr Ng is expected to control just over 70 per cent of the takeover vehicle, while SCPE will hold just under 30 per cent.