The offer price represents a 16.64% premium over Penguin’s one-month volume weighted average price of the one-month period prior to the last trading day on May 4, before Penguin’s trading halt.
Shares in Penguin International (SGX:BTM
) closed 11.5 cents higher or 16.2% up at 82.5 cents on May 5, after the company announced its privatisation offer earlier the day before.
Penguin International, on May 4, announced that Aleph Tav (the offeror) intends to make a voluntary unconditional cash offer of 82 cents per share for all the remaining shares it does not own in the company.
