The revised offer made by 3HA Capital has been declared unconditional in all respects, after receiving valid acceptances of 50.23% of the total number of shares on July 7.
On May 15, a group of investors including a wholly-owned subsidiary of Cosmosteel Holdings' controlling shareholder Hanwa Co offered 20 cents per share for the mainboard-listed piping steel supplier. The offer was made via an entity called 3HA Capital whose shareholders include Hanwa Singapore.
3HA Capital then revised its offer price for the share takeover of Cosmosteel to 25 cents in cash, up from the 20 cents previously announced, after the independent financial advisor (IFA) deemed the offer “not fair” on June 23.
As the minimum acceptance condition of the offer, which is when the offeror and its concert parties are deemed to hold more than 50% of the total number of issued shares, has now been satisfied, the offer has become unconditional.
Shares in Cosmosteel closed 0.5 cents higher or 2.041% up at 25 cents on July 7.
