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.
