Offer for OldTown extended to March 20
In this article (5)
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.
Questions & Answers
Q.What is the new deadline for JDE's takeover offer for OldTown?
What is the new deadline for JDE's takeover offer for OldTown?
The closing date for JDE's takeover offer has been extended to March 20. The offer was originally scheduled to close today, according to the article.
Q.What is JDE's ultimate goal for OldTown after the takeover?
What is JDE's ultimate goal for OldTown after the takeover?
JDE aims to delist and privatise OldTown after acquiring the remaining shares. This was stated as their intention earlier in the takeover process.
Q.How much is JDE paying OldTown as a good faith fee?
How much is JDE paying OldTown as a good faith fee?
JDE has agreed to pay OldTown a good faith fee of US$3.48 million. This amount is equivalent to RM13.6 million and represents 1% of the total offer price.
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