Star Pharma's offeror to compulsorily acquire dissenting shareholders' shares

THE offeror of Star Pharmaceutical has exercised its right to compulsorily acquire all the shares of those who have not accepted the S$0.45 offer price per share at the close of the offer, on the same terms and conditions.

Upon completion of the compulsory acquisition, the offeror - comprising executive chairman Xu Zhi Bin and a special-purpose vehicle of which he is the sole director - will own all the shares of Star Pharmaceutical. The Singapore Exchange has approved the delisting.

The date and time of the delisting of the shares of the company will be announced in due course.

Previously in its offer announcement, the offeror said that delisting and privatising the company will provide it and the company with more control and management flexibility in implementing its strategic initiatives and operational changes. It will also do away with the resources and costs of maintaining the company's listing status.

It does not plan to introduce any major changes to the existing business, or re-deploy the fixed assets of the group, or discontinue the employment of the staff, other than in the ordinary course of business, it had added.