Penguin International’s privatisation offer extended for sixth and final time to Sep 25
Renald Yeo
THE closing date for the offer to acquire and delist Penguin International has been extended for the sixth and final time to 5.30 pm on Sep 25.
The offeror “does not intend to extend the offer beyond the final closing date”, the shipbuilder said in a bourse filing on Wednesday (Aug 30).
Aleph Tav, a consortium comprising Penguin’s executive chairman Jeffrey Hing, managing director James Tham, and a special-purpose vehicle under private equity firm Dymon Asia, is the offeror.
It is the consortium’s second attempt to take the shipbuilder private, following an unsuccessful bid in 2021.
The offer, priced at S$0.83 per share, was set to close on Thursday.
As at 6 pm on Wednesday, the consortium had a resultant shareholding of 88.83 per cent of Penguin – still below the 90 per cent shareholding threshold required for compulsory acquisition to kick in.
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The shareholding comprises valid acceptances of the offer, as well as shares owned, controlled or agreed to be acquired by the offeror and concert persons.
Wednesday’s extension comes after five prior ones – starting from the initial deadline of Jun 22 to Jul 6, then to Jul 20 and later Aug 3, followed by Aug 17 and subsequently Aug 31.
Shares of Penguin International closed unchanged at S$0.83 on Wednesday, before the announcement.
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