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New World again extends acceptance period for privatization bid

For the second time, New World Development Co. Ltd. is extending the acceptance period for its offer to privatize its department store arm after it failed again to secure the minimum 90%.

New World Development set Aug. 15 as the new closing date for the extended offer from Aug. 1. It also noted that there will be no increase in its HK$2.00-per-share, or roughly HK$934.5 million total, offer for all the shares it does not own in New World Department Store China Ltd.

As of Aug. 1 at 4 p.m. Hong Kong time, 82.23% or 384,225,603 shares subject to the offer have been tendered for acceptance, representing about 22.79% of the target's entire shareholding. The offer shares validly tendered also include the 45,500,000 shares of the target that it planned to buy at the market.

If the required minimum is met on the new closing date, the company expects to declare the offer unconditional Aug. 28 and closed completely by Oct. 27.