Penguin International’s privatisation offer receives 87.17% valid acceptances
Yong Hui Ting
THE offer to take Penguin International private on Monday (Aug 14) has received valid acceptances amounting to 191,924,607 shares, or approximately 87.17 per cent of the total number of shares in the company. (*see amendment note)
This includes an 82 per cent shareholding represented by persons acting in concert with the offeror – 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.
Following the announcement of the offer and up to 6 pm on Monday, the offeror has also acquired an aggregate of 3,596,600 shares, or 1.63 per cent of the total number of shares – bringing the total number of shares owned, controlled or agreed to be acquired by the offeror, as well as valid acceptances, to 88.8 per cent.
Prior to this, Penguin International had extended the closing date for the privatisation offer four times, with the latest closing date falling on Aug 17. Its last announcement stated that the offeror and persons acting in concert had garnered 88.68 per cent of the total number of shares in the company.
As the offeror has not amassed control of more than 90 per cent of the total number of shares, it will not be able to compulsorily acquire all the shares from shareholders.
Penguin shares closed flat at S$0.83 on Monday.
*Amendment note: The article earlier said the offer to take Penguin private has closed. It has not. The article has been revised to reflect this.
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