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Teckwah's offeror compulsorily acquires dissenting shareholders' shares
CLEMENTINE Investments - a consortium of Teckwah Industrial Corp's three largest shareholders - has exercised its right to compulsorily acquire all the shares of shareholders who have not accepted its privatisation offer, Teckwah announced in a regulatory filing on Monday evening.
This comes after the voluntary cash offer for the packaging, printing and logistics firm closed on Oct 27, with the offeror and its concert parties receiving valid acceptances of about 95.9 per cent of the total number of issued shares.
In August this year, Clementine Investments offered to take the company private at 65 Singapore cents per share. Dissenting shareholders will be offered the same terms, Teckwah noted on Monday.
Last month, the company also announced that the privatisation bid had turned unconditional with the firm losing its free float.
Teckwah shares have been suspended from trading as at Oct 27. The company will be delisted from the Singapore Exchange's mainboard at a date and time to be announced.