Singapore Reinsurance further extends closing date for Fairfax Asia's cash offer
SINGAPORE Reinsurance has again extended the closing date for Fairfax Asia's cash offer from June 2 to June 17, 5.30pm, with all other terms of the offer unchanged.
Fairfax Asia is making a cash offer for Singapore Reinsurance's 71.82 per cent stakes that it and its concert parties do not own. The offer is conditional on them garnering more than 50 per cent stakes.
As at 6pm on June 1, the number of shares owned, controlled or agreed to be acquired by Fairfax Asia and its concert parties, including public acceptances, stood at 92.09 per cent. Out of this figure, public acceptances was 63.10 per cent, according to a bourse filing by Fairfax Asia on Wednesday.
Based on the information available, acceptances of an additional 9.17 million shares - about 1.54 per cent of the total number of issued shares - will allow Fairfax Asia to exercise its right of compulsory acquisition.
Singapore Reinsurance is principally engaged in the business of underwriting general reinsurance, and also involved in investment activities of its non-reinsurance funds.
The company had earlier extended the closing date for Fairfax's offer from May 18 to June 2.
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In April, California-based Dalton Investments provided an irrevocable undertaking in favour of Fairfax Asia's cash offer. The investment manager has discretion and authority over the sale of about 5.09 per cent of the total number of Singapore Reinsurance's issued shares, as at April 2.
The offer price of 35.35 Singapore cents represents a premium of 20.6 per cent over the volume-weighted average price per share for both the one-month and three-month periods, and a premium of 21.9 per cent and 27.6 per cent over that for the six-month and 12-month periods respectively up to and including March 18, the last full trading day before the offer announcement. The counter closed at 29.5 Singapore cents on that date.
Shares of Singapore Reinsurance last traded at 34.5 Singapore cents on May 27.
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