Sunningdale Tech shares dropped by as much as 11.3% this morning following news that a privatization offer of $1.55 has been tabled.
The precision engineering firm’s share price closed at $1.68 on Nov 9, and the offer was announced after market closed.
Back in Sept 9, the company had already indicated via a holding statement that there’s a possible share transaction. It was trading at $1.25 then.
The offer, announced on Nov 9, is made via an entity jointly held by the company’s chairman Koh Boon Hwee, and private equity firm Novo Tellus.
Koh holds 64%, while Novo, founded by Sunningdale’s independent director Loke Wai San, holds the remaining 36% of the offeror.
Other significant Sunningdale shareholders, Yarwood Engineering & Trading; Goi Seng Hui and Khoo Boo Hor have given their irrevocable undertaking to the offer.
