THE mandatory conditional cash offer made by property tycoon Gordon Tang and his wife Celine to acquire all the units of Suntec Real Estate Investment Trust (Reit) was on Wednesday (Jan 8) raised to S$1.19 per unit, from the earlier S$1.16 per unit announced on Dec 5 last year.
The offer was made through their investment holding company Aelios, which was formed for the undertaking of the offer and acquisition of the Reit’s units.
The closing date for the offer has been extended to Feb 3, 5.30 pm.
As at Jan 8, Aelios has received valid acceptances amounting to about seven million units, representing 0.2 per cent of the total number of issued units.
On the same day, it acquired about 18 million units at S$1.19 per unit by way of open market purchase, representing 0.6 per cent of the total number of issued units.
As at 6 pm on Wednesday, the offeror and its concert parties owned, controlled, or agreed to acquire a total of about 973.4 million units. This represents about 33.3 per cent of the total number of Suntec Reit’s issued units.
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The offer was initially triggered after Aelios’ deemed interest in the trust reached 31.5 per cent, after acquiring 62.5 million units on Dec 5 by way of on-market transactions at S$1.16 apiece.
Aelios was previously deemed to have a 29.3 per cent stake in Suntec Reit.
The investment holding company said that the offer was made solely to comply with Rule 14.1 of the Take-over Code, by which any entity controlling more than 30 per cent of a Reit must make a mandatory general offer to acquire its remaining units.
It intends to maintain the listing status of Suntec Reit on the Singapore Exchange, following the completion of the offer.
Units of Suntec Reit closed at S$1.20 on Wednesday, up 0.8 per cent or S$0.01, prior to the news.
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