Offeror holds 75.68% stake in Penguin International after market acquisition
IN THE offer for mainboard-listed Penguin International, which closes April 7, the offeror and its concert parties now hold an aggregate of 166.6 million shares, representing 75.68 per cent of the shares in the company, the firm said in a regulatory filing on Wednesday night. (see amendment note)
As of 6pm on Wednesday night, the offer had received valid acceptances amounting to 130.7 million shares, or 59.39 per cent of the company's total shares.
Separately, offeror Emet Grace has acquired 35.87 million shares on the Singapore Exchange, representing a 16.29 per cent stake.
The offeror - a consortium which includes Penguin's executive chairman Jeffrey Hing, managing director James Tham and a Dymon Asia fund - intends to delist Penguin if it acquires a stake of over 90 per cent.
Penguin shares closed unchanged at S$0.65 on Wednesday.
Amendment note: An earlier version of the article stated that the offer had closed on March 24. On March 23, Penguin had announced that the offer closing date was extended from March 24 to April 7. The article has been amended to reflect the correct closing date.
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