Vard S$0.25 exit offer is final: Fincantieri

THE S$0.25 per share cash exit offer price for Vard Holdings is final and it will not be increasing its price, offeror Fincantieri Oil & Gas reiterated in a press statement on Thursday evening.

On Wednesday, Fincantieri announced it will be extending the closing date for its buyout offer for shipbuilder Vard Holdings to 5.30pm on Aug 24 from Aug 8.

Vard had announced earlier on Wednesday, before the market opened, that trading in its shares will be suspended immediately after the exit offer closes.

Its shareholders earlier in July approved its delisting, which is estimated to take place about two to three weeks after the closing of Fincantieri's exit offer.

Shareholders who have accepted the exit offer are not required to take any action.