Yahoo Finance Tangs’ offer for Chip Eng Seng turns unconditional
The closing date of the offer is extended to 5.30pm on Jan 19.
The offer made by Chip Eng Seng’s chairperson, Celine Tang, and her husband Gordon Tang, to acquire more shares in the company they don’t already own, has been declared unconditional on Dec 14.
As at 6pm on the same day, the Tangs had received valid acceptances of 405.68 million shares, or 51.73% of the total number of issued shares. The figure includes acceptances received from the Tangs’ concert parties of about 386.37 million shares, or 49.27% of the total number of shares in Chip Eng Seng.
“Accordingly, the offer has become unconditional in all respects,” says United Overseas Bank (UOB), which is acting on behalf of the Tangs through their company Tang Dynasty Treasure.
Should an offer become or is declared unconditional, the offer must remain open for acceptances for at least 14 days more. As such, the closing date of the offer is extended to 5.30pm on Jan 19, from Jan 5.
The Tangs first announced their intention to acquire more shares in Chip Eng Seng that they don’t already own on Nov 24.
If they gain more than 90% of the shares in the company, they will exercise their right to acquire the remaining shares and delist the company.
Shares in Chip Eng Seng closed flat at 75 cents on Dec 14.
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