Argyle and Lippo bidco fails to obtain 90% of TIH at offer close; no go for compulsory acquisition

SINGAPORE (Feb 20): Kaiser Union -- a takeover vehicle formed by units of hedge fund Argyle Street Management and property group Lippo -- will not be entitled to compulsorily acquire all the shares from shareholders of TIH who have not accepted the offer.

This is because acceptances received by Kaiser Union amounted to not more than or equal to 90% of all the issued shares at the close of its offer on 12 noon Tuesday.

On Jan 8, TIH received a 57 cents voluntary unconditional offer from Kaiser Union. Of the 57 cents, 12.5 cents will be paid in cash and 44.5 cents will be paid by the issue of up to $49.3 million three-year senior unsecured 2.25% notes.

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