Keppel Corporation and Singapore Press Holdings (SPH) will compulsorily acquire all the remaining shares they do not already own in telco M1 at the offer price of S$2.06 apiece, after which they will delist the company.
As at 5pm on Wednesday, Keppel and SPH, through their joint venture firm Konnectivity, holds 92.2 per cent of all the shares in the company.
This came after the offer first crossed the 90 per cent threshold last week, causing M1 to lose its free float.
After exercising their right to buy up all the remaining shares given the 90 per cent threshold, they will delist the company.
The date of delisting will be announced in due course.
The offer remains open for acceptance till 5.30pm on March 18.
Keppel closed on Wednesday at S$6.19, down S$0.04 or 0.64 per cent. SPH's counter closed unchanged at S$2.49 that evening.
This article was first published in The Business Times. Permission required for reproduction.