Gordon and Celine Tang, through their vehicle Aelios, have increased their offer for units in Suntec REIT to $1.19 per unit.
Unitholders who have accepted their previous offer are also entitled to the revised offer price once the offer becomes or is declared unconditional in all respects.
The Tangs made a mandatory conditional offer of $1.16 per unit on Dec 5, 2024, after Aelios acquired some 62.5 million units via the market on the same day, bringing their stake in the REIT to 31.45%.
According to rule 14.1 of the takeover code, a mandatory offer is triggered when a shareholder or offeror acquires 30% or more units in a REIT.
The offer will be conditional upon Aelios receiving 50% or more of the units in Suntec REIT.
As at Jan 8, Aelios now owns 33.32% of the units in Suntec REIT.
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The offer closing date has also been extended to 5.30pm on Feb 5, from Jan 20 previously.
Units in Suntec REIT closed 1 cent higher or 0.84% up at $1.20 on Jan 8.
