Sunningdale Tech and Sunrise Technology Investment Holding have jointly raised their privatisation offer on Jan 19.
Now, each scheme shareholder can choose to receive either $1.65 per scheme share, or 1,650 shares in Sunrise Tech per scheme share.
The revised and final offer represents an increase of 6.5% over the initial offer of $1.55 was made on Nov 9, 2020.
See: Sunningdale's share price drops after overshooting privatisation offer
The offer price of $1.65 per share presents a 42.6% premium over the volume weighted average price (VWAP) of Sunningdale shares over Sept 9, 2019 to Sept 9, 2020.
The final offer also provides a premium that’s higher than any closing price of shares in Sunningdale over the same period.
The companies add that scheme shareholders who prefer long-term returns and “can accept the risks of being a minority shareholder in a private unlisted company” may elect to receive up to 30% of the shares in HoldCo.
The receipt of shares is subject to the terms that has yet to be set out in the scheme document.
The increased scheme consideration reflects “proper and due consideration of general market feedback and conditions,” reads the statement.
On the acquisition, Sunrise says Sunningdale’s privatisation will provide the latter with the flexibility to optimise its resources and allow it to make strategic, long-term investment decisions for the business.
As at 11.07am, shares in Sunningdale are trading flat at $1.56.
