As at the close of its offer on Oct 23, Taiwan-listed Ennoconn Corporation says it has received valid acceptances of 37,618,025 shares, representing a 10.39% stake in NeraTel. The number of acceptances now brings Ennoconn’s total stake in NeraTel to 63.77%.
On Sept 4, Ennoconn made a mandatory unconditional cash offer of 7.5 cents to NeraTel’s shareholders for the shares the former didn’t already own. The offer came after Ennoconn bought 193,173,439 shares in NeraTel from Asia Systems. The amount, which represents a 53.38% stake in NeraTel, crossed the 50% takeover threshold according to Singapore Exchange S68 ’s (SGX) listing rules.
The offer is no longer open for acceptance and any acceptances received after 5.30pm on Oct 23 will be rejected.
As at 1pm, shares in NeraTel are trading 0.2 cents higher or 2.67% up at 7.7 cents.
