On April 25, NHPEA Ace Realty Company , an entity controlled by Morgan Stanley Private Equity Asia, made an unconditional mandatory general offer for all the outstanding shares in the capital of APAC Realty that it didn't own.
SAC Capital Private which is acting on behalf of the Offeror had, on April 25 entered into a share purchase agreement (SPA) to acquire 212.3 million shares or 59.8% of APAC Realty from Asia Pacific Realty Holdings at $0.61 per share.
As a result of the SPA, NHPEA Ace Realty Company is obliged to make the Offer. The offer price for each Offer Share is $0.57 which is the price paid by NHPEA net of final tax exempt (one-tier) dividend of $0.04 per share which was paid on May 10.
The Offer will close at 5.30 p.m. (Singapore time) on June 10.
