After extending the offer period twice, Wing Tai Holdings Ltd. and Wing Tai Investment & Development Pte. Ltd. closed their offer Aug. 8 to buy out and delist Wing Tai Malaysia Bhd., ending with a roughly 96.75% stake in the target.
The 289.8 million-Malaysian-ringgit takeover bid launched in May did not have a required minimum acceptance level to push through. The duo had noted that they will commence a compulsory offer for all the remaining shares of the Malaysian unit not tendered during the period when it receives at least 90% of the target's voting shares.
Having met this, Wing Tai Holdings and Wing Tai Investment said the offer for the remaining Wing Tai Malaysia shares will start within two months from Aug. 8. The two will also take steps to delist Wing Tai Malaysia from Bursa Malaysia.
Maybank Investment Bank Bhd. is the financial adviser for the buyer pair.
As of Aug. 8, US$1 was equivalent to 4.29 Malaysian ringgit.