The offer by Cosco Shipping International (Singapore) Co. to acquire all the issued ordinary shares of Cogent Holdings has turned unconditional. The former had launched a cash buyout of the latter recently.
Bank of China (Singapore Branch), acting on behalf of Cosco Shipping International, says , the offeror has received valid acceptances representing 440.5 million shares or 92.05% of Cogent.
"BOC wishes to announce that the Offeror has received valid acceptances (which have not been withdrawn) in respect of such number of Shares which, when taken together with Shares owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it (either before or during the Offer, and pursuant to the Offer or otherwise), will result in the Offeror and parties acting in concert with it holding such number of Shares carrying more than 50% of the voting rights attributable to all the Shares (excluding treasury shares)," said a stock exchange statement.
The valid acceptances received as at the offer unconditional date include 403.5 million shares representing 84.33% of Cogent tendered by the undertaking shareholders under to their respective irrevocable undertakings.
With the S$1.02-a-share cash offer turned unconditional, Cosco will exercise its compulsory acquisition right and proceed to delist Cogent Holdings from the Singapore Exchange. The offer will close on Jan 19 at 5.30pm.
The four undertaking shareholders are Cogent's executive chairman Tan Yeow Khoon, his wife Ng Poh Choo, managing director Tan Yeow Lam, and executive director and chief executive Benson Tan Min Cheow, with all four agreeing to accept the offer on or before Jan 3, 2018.