The Ong family trying to privatise Lian Beng Group has improved their offer to 68 cents, from an initial offer of 62 cents per share.
They do not intend to revise the price further.
In an update from UOB, acting on their behalf, as of May 3, the Ongs' initial offer of 62 cents was accepted by minority shareholders holding just some 67,600 shares, representing just 0.01% of the company's total share base.
The Ongs and their concerted parties hold in total 351.7 million shares, or 70.39%.
Shareholders who have earlier accepted the offer are entitled to the final offer consideration.
"The offeror is of the view that the final offer consideration reinforces the attractive exit opportunity for shareholders, to realise their entire investment in cash at a premium over historical traded prices of the shares," states UOB.
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"The offer remains, at present, the only offer available for acceptance by shareholders to realise their investment in the company," adds UOB.
When the original offer was tabled on April 11, it was criticised for being a lowball, given how Lian Beng's net asset value per share, as at Nov 30, was $1.54.
The final offer of 68 cents is a 55.8% discount off the NAV.
The offer will close at 5.30pm on May 26.
