The controlling Goh brothers of Ossia International do not intend to increase their offer price of 16 cents per offer share for the privatisation of the company, according to a release dated July 16.

The Goh brothers, Goh Ching Wah, Goh Ching Huat and Goh Ching Lai, said in a joint statement that the offer price is final. The brothers, who have a 86.06% controlling stake in the company, sought to take the company private via a voluntary unconditional cash offer of 16 cents per share on May 15, a slight revision from an earlier 14.5 cents offer put forward in June 2024.

W Capital, the independent financial advisor to the privatisation offer of Ossia International said on June 18 that the offer is “not fair” but “reasonable”, as the fair value ranges between 24.6 cents to 28.8 cents per share.

Even then, on balance, W Capital has advised minorities to accept the 16 cents per share offer, a premium of 41.59% over Ossia’s last traded price.

On July 8, the brothers extended the closing date after receiving only 87.32% of valid acceptances of the offer. The final closing date is now Aug 1.

Shares in Ossia International closed 0.1 cent higher or 0.613% up at 16.4 cents on July 16.