THE closing date for the mandatory cash offer of Chip Eng Seng : C29 0% by chairman Celine Tang and her husband Gordon Tang has been further extended to 5.30 pm on Feb 16. 

This marks the third extension for the offer’s close after it was previously extended on two occasions to Feb 2 and Jan 19, respectively. 

As at 6 pm on Feb 1, the offeror has received valid acceptances amounting to 649.5 million shares, translating to about 82.7 per cent of the company.

This includes acceptances from the offeror’s concert parties, which amounts to about 386.4 million shares, representing about 49.21 per cent of the company.

The total number of shares now owned by the offeror and its concert parties, as well as the valid acceptances of the offer amount to 694.3 million shares, translating to about 88.41 of the company. 

The Tangs first launched the privatisation bid for Chip Eng Seng as a voluntary conditional cash offer on Nov 24, 2022 through their investment holding company, Tang Dynasty Treasure. The initial price of S$0.72 per share was later raised to S$0.75.

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The offer was later declared unconditional in December after receiving acceptances of over 405.7 million shares or 51.73 per cent of the company as at Dec 14.

The mainboard-listed company issued a holding announcement on Sep 7, 2022, as Celine Tang was considering a possible transaction involving the group’s shares, as its non-executive chairman and non-independent and non-executive director.

As at that date, Tang Dynasty Treasure did not hold any shares, and the offerors’ concert parties collectively owned or controlled about 325.2 million shares, representing about 41.41 per cent of the company.

Chip Eng Seng’s shares were flat at S$0.75 as at 1.37 pm on Thursday (Feb 2).