The offer for shares in Broadway Industrial Group has turned unconditional in all respects on Nov 14.
As at 6pm on the same day, Patec Group, the offeror of Broadway’s shares, received valid acceptances amounting to 50,890,938 shares representing an 11.19% stake in Broadway’s total issued share capital.
With this, Patec now owns 247,855,787 shares in Broadway, representing a 54.51% stake or 53.01% of the latter’s maximum potential issued share capital. In its offer announcement on Oct 28, Patec noted that the offer will not become or be declared unconditional until it has received valid acceptances of 50% of the voting rights attributable to the maximum potential issued share capital in Broadway.
Under the Singapore code on takeovers and mergers, the offer has to remain open for acceptance for not less than 14 days once it becomes or is declared unconditional. As such, the offer will now close at 5.30pm on Dec 23, two weeks after the original closing date of Dec 9.
Shares in Broadway Industrial Group closed flat at 19.6 cents on Nov 14.
