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Update: Keppel Corp owns 93.2% of Keppel Land, just shy of compulsory acquisition mark
Keppel Corp is fast approaching the 95.5 per cent compulsory acquisition threshold.
As at 5pm on Thursday, it owned 93.2 per cent of issued Keppel Land shares, according to a Singapore Exchange (SGX) filing.
Keppel Corp needs to own at least 95.5 per cent of Keppel Land to complete the buyout by compulsorily buying the remaining shares it does not own.
Earlier, it had extended the closing date for its Keppel Land takeover from March 26, 5.30 pm to March 31, 5.30 pm.
This will be the final closing date.
"The offeror has no intention of extending the offer and the convertible bonds offer beyond 5.30 pm (Singapore time) on the final closing date... Acceptances received after 5.30 p.m. (Singapore time) on the final closing date will be rejected," it had said.
On Wednesday, Keppel Corp crossed the 90 per cent threshold required to delist Keppel Land. But because the offer has now been extended, Keppel Land will resume trading on Friday.
On Thursday's stockmarket, Keppel Land ended at S$4.53, down two cents. Keppel Corp added 11 cents to end at S$9.05.
The conglomerate is offering a two-tier price for the Keppel Land shares it does not already own - a base price of S$4.38 apiece and S$4.60 if it reaches the compulsory acquisition threshold.