March 14th, 2018

Offer for OldTown extended to March 20

Jacobs Douwe Egberts Holdings Asia NL BV (JDE) has extended the closing date of its takeover offer for OldTown Bhd to March 20.

According to a circular issued by CIMB Investment Bank Bhd, the terms and conditions of the offer remain unchanged and the level of acceptances of the offer stood at 83.75% on March 9.

OldTown received a takeover notice from JDE in December last year at an offer price of RM3.18 per share. The offer was supposed to close today.

Earlier, JDE said it has secured irrevocable undertakings from shareholders holding 51.45% and is looking to procure the remaining shares with an eye to delist and privatise OldTown.

JDE has agreed to pay a good faith fee of US$3.48 million (RM13.6 million) or 1% of the total offer price to OldTown.

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