SINGAPORE (June 28): M-Universe Investments' cash offer to privatise Memtech International has been extended by some two weeks to July 26 from July 12.
The offeror, a bid vehicle for a consortium led by Memtech’s executive chairman Chuang Wen Fu and his family, says it has no intention to revise the offer price.
In May, M-Universe announced its offer to buy back all Memtech shares it does not own at $1.35 each.
The offer will be conditional on M-Universe having received not less than 90% of the shares in issue at the close of the offer at 5.30pm this evening.
See: Memtech offered $1.35/share to delist by executive chairman-led consortium
As at 5pm on Thursday, the total number of shares owned by M-Universe amounted to about 123.1 million units or a 87.9% stake.
The offer price of $1.35 per share is 23.9% above Memtech’s last closing price of $1.09, before trading was halted on May 13 for the offer announcement.
On Thursday, plans by the controlling shareholders of Indofood Agri-Resources and Challenger Technologies to take them private fell through after failing to get the required support from shareholders.
See: Indofood Agri's share price tumbles as buyout offer lapses – missing the mark by just 2%
See: Challenger founder Loo falls narrowly short in privatisation bid
As at 11.50am, shares in Memtech are trading at $1.34.
