Voluntary offer for Roxy-Pacific Holdings closes with 98.16% acceptances

THE voluntary unconditional general offer for Roxy-Pacific Holdings closed on Thursday (Feb 17), with nearly 1.28 billion shares owned, controlled or agreed to be acquired by the offeror and its concert parties.

This represented 98.16 per cent of the total number of shares, according to the bourse filing on Thursday.

As the offeror has received valid acceptances of over 90 per cent the total number of shares, it will be exercising its right of compulsory acquisition to acquire the shares of dissenting shareholders at the offer price of S$0.485 per share.

Trading of Roxy-Pacific will be suspended as the free float requirement of at least 10 per cent of the total number of shares is no longer satisfied. The company will be delisted from the SGX upon the completion of the compulsory acquisition.

Last September, Roxy-Pacific chairman and chief executive Teo Hong Lim launched the bid with 10 others through bid vehicle TKL & Family seeking to privatise Roxy-Pacific with an offer of S$0.485 per share in cash, valuing the company at S$630.5 million.

Roxy-Pacific shares closed unchanged at S$0.48 on Thursday.