Vard offer extended to Aug 8 with delisting certain; Fincantieri grows stake to 87%
FINCANTIERI Oil & Gas has extended its offer for shipbuilder Vard Holdings to the business close of Aug 8 after shareholders of the target approved a delisting, according to filings on the Singapore Exchange on Wednesday morning.
Fincantieri, whose 25 Singapore cents per Vard share offer is now unconditional, controlled 87.06 per cent of the company as at 5pm on Tuesday.
About 96 per cent of votes cast at an extraordinary general meeting of Vard shareholders on Tuesday were in favour of delisting, which is estimated to take place about two to three weeks after the closing of the offer. Vard said shareholders should note that approving the delisting resolution does not constitute acceptance of the exit offer.
Trading of Vard shares resumes on Wednesday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade