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Takeover offer of Nobel Design gets 97.28% valid acceptances upon close

THE takeover offer for Nobel Design Holdings closed on Tuesday with the total number of shares owned, controlled or agreed to be acquired by the offeror and its concert parties plus valid acceptances amounting to 97.28 per cent of its total number of shares.

The announcement to Singapore Exchange on the final level of acceptances of the mandatory unconditional cash offer by Grand Slam RF18 Investments at 51 Singapore cents per share was made by the deal's sole financial adviser, OCBC Bank.

As the offeror has received valid acceptances, together with shares it owns, of over 90 per cent, dissenting shareholders have a right to require the offeror to acquire their shares at 50.48 Singapore cents per share.

Grand Slam intends to compulsorily acquire the shares of the dissenting shareholders while trading in Nobel Design shares has been suspended at the offer's close, said OCBC.

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