Epicsoft Asia has declared its offer for Ban Leong Technologies“unconditional in all respects”, after acquiring about 50.90% of the total number of shares in the company on May 27.
Epicsoft Asia, a subsidiary of gaming giant GCL Global, first made the bid to take Ban Leong Technologies private for a consideration of 60.29 cents per share on April 30.
Epicsoft received valid acceptances of 54.9 million offer shares in Ban Leong on May 27, with an aggregate of 30.32 million shares from Ronald Teng Woo Boon, managing director of Ban Leong and his wife Teo Su Ching, representing about 28.13% of the total number of issued shares in the capital of Ban Leong tendered in acceptance.
Should Epicsoft acquire 90% or more than the total number of shares, either through valid acceptances or otherwise, it will be entitled to exercise its rights to compulsorily acquire all the shares from shareholders of Ban Leong who have not accepted the offer at a price equal to the offer price of 60.29 cents.
Epicsoft will then delist Ban Leong from the SGX-ST if the minimum free float requirement is not met.
Shareholders who wish to accept the offer must submit the relevance forms by the close of the offer on July 2.
Shares in Ban Leong closed flat at 60 cents on May 27.
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