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Offer price for Chip Eng Seng revised to $0.75

The Tangs have revised their offer price for Chip Eng Seng to 75 cents

Tang Dynasty Treasure has revised its offer price to take Chip Eng Seng private from $0.72 to $0.75.

UOB, acting on behalf of Tang Dynasty Treasure, has said that the Offeror does not intend to revise the Final Offer Consideration, save that the Offeror reserves the right to do so in a competitive situation.

The Final Offer Consideration of $0.75 represents an increase of $0.03 or approximately 4.2% over the initial Offer Consideration of $0.72 per Offer Share.

The Final Offer Consideration exceeds the highest closing price of the Shares in the three- year period prior to a holding announcement date, UOB says. The three-month volume weighted average price of the shares traded including the holding announcement date was 59.3 cents.

 

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