Challenger Technologies has extended the closing date of its voluntary unconditional cash offer to 5.30pm on July 25, two weeks later than its original date of July 11.
As at July 11, DigiTech Holdings, the offeror, received valid acceptances of around 390.1 million shares, representing 97.11% of the total number of shares in Challenger.
Shares in the company were suspended after its free float fell below the required 10% in June. In its July 12 statement, Challenger, via its offeror, said that it does not intend to restore its public float or lift the trading suspension of its shares on the Singapore Exchange (SGX).
It adds that it will exercise its rights of compulsory acquisition under the Companies Act to acquire all the shares from shareholders who have yet to accept the offer. The offer price will be equal to the final offer consideration, which was raised to 60 cents per share on June 6.
Shares in Challenger last traded at 59.5 cents.
