Robert Kwok’s offer to take Singapore OSV player PACC Offshore Services Holdings (POSH) private has gone unconditional.
OCBC Bank, which is acting for privatization vehicle Quetzal Capital, said the offeror has received valid acceptances for 90% of POSH shares.
“As the acceptance condition has been satisfied, the offer is hereby declared to be unconditional in all respects,” OCBC said.
The closing date of the offer has been extended by one week until 18 December 2019.
The bank added that as Quetzal Capital had received valid acceptances in respect of over 90% of the shares it will exercise its right of compulsory acquisition of the remaining shares.
It is a little over a month since the Kuok group of companies launched a voluntary conditional cash offer for POSH.
POSH shareholders were offered a price of SGD 0.215 ($0.16) in cash per issued share, which represented a premium of around 97.2% over its on its last full trading day prior to the offer.
“In view of the continuing challenges in the global offshore oil and gas sector, [Quetzal] believes that privatising POSH will provide it with more flexibility to manage its operational and funding requirements, and also optimise the use of its resources,” Quetzal said at the time.
