The trading of shares in Isetan will be suspended on and from 9am on Aug 29. The last day of trading of Isetan’s shares will be on Aug 28.
The announcement, dated Aug 24, comes after the scheme of arrangement by Isetan Mitsukoshi Holdings Ltd. was sanctioned by the court on Aug 23. Isetan Mitsukoshi is the controlling shareholder of Isetan (Singapore). On April 1, the former announced that it was seeking to acquire all of the latter’s shares and take the latter private. The offer price of $7.20 per share represents a premium of 173.4% over Isetan (Singapore)’s last-traded share price of $2.63 on March 28. The offer price also values the company at around $309 million.
In its Aug 24 statement, Isetan (Singapore) noted that should all of the scheme conditions be satisfied, the scheme will become effective and binding upon the lodgement of the scheme court order with the Accounting and Corporate Regulatory Authority (ACRA).
The transfer books and the Isetan members' register will be closed at 5pm on Sept 5 to determine the entitlements of the target shareholders under the scheme.
Shareholders can expect to receive their scheme consideration payout by Sept 17. Isetan (Singapore) is expected to be delisted on Sept 19.
Shares in Isetan closed 1 cent higher or 0.14% up at $7.17 on Aug 23.
