Takeover offer for Hovid extended to Jan 12
PETALING JAYA: The takeover offer for Hovid Bhd, which has now become unconditional, has been extended to 5pm on Jan 12, 2018.
In a filing with Bursa Malaysia, CIMB Investment Bank Bhd, which represents the joint offerors, namely Hovid’s managing director David Ho Sue Sann and Fajar Astoria Sdn Bhd, said the joint offerors will keep the offer open for acceptances for at least another 14 days from the unconditional date.
The closing date for the acceptance offer has been extended by three times previously.
Post-conditional voluntary takeover, CIMB said the offerors do not intend to maintain the listing status of the company.
In October, Ho and Fajar Astoria launched the conditional voluntary takeover offer to take the pharmaceutical company private for 38 sen a share and 20 sen a warrant. Fajar Astoria is a special-purpose vehicle incorporated to undertake the offer with Ho.
The offerors now have a combined stake of 68.2% in Hovid, in which previously they held some 33.72% of the company.
“As such, the final acceptance condition of the offer has been fulfilled and the offer has become unconditional as to acceptances on Dec 20, 2017,” it added.
Since the launch of the takeover offer, the acceptance condition for the offer has been reduced twice, from 90% earlier to 75% and then to 67%.
Hovid closed unchanged at 37.5 sen today with some 23.1 million shares traded.