12 Mar5:38 PM
Keppel Corp has extended the deadline for Keppel Land shareholders to accept its takeover offer, it said in a Singapore Exchange filing on Thursday.
The offer was originally supposed to close at 5.30pm on Thursday, but will now close on March 26.
The announcement came after the conglomerate revealed on Wednesday night that it had not received enough shareholder acceptances to reach its target of at least 90 per cent.
It owned 80.8 per cent of Keppel Land on Wednesday night, but needs to have at least 90 per cent in order to be able to compulsorily acquire the remaining shares and take the property developer private.
It is offering a two-tier price for the KepLand shares it does not already own – a base one of S$4.38 apiece, and S$4.60 if its buyout succeeds. The higher price values KepLand at around S$7.1 billion.
An independent financial advisor to KepLand had said in February that KepCorp’s offer was “not fair but reasonable”, but recommended overall that shareholders accept the offer.
KepLand shares closed two cents higher at S$4.55 on Thursday right before KepCorp announced the extension.