Keppel Land: Keppel Corp has failed to hit the compulsory acquisition threshold of 95.5%, after the group revealed that it had garnered a total of 95.1% outstanding Keppel Land shares as at the close of the offer yesterday.
This also means that the final offer price for Keppel Land will be maintained at $4.38, rather than the $4.60 offer price if the threshold was reached. The lower offer price will translate into $155m of cost savings for Keppel Corp.
Shareholders who have not accepted the offer (non-assenting shareholders) have a right to require Keppel Corp to acquire their shares at the base offer price of $4.38 in cash per share, by serving notice within three months after the Form 58 is dispatched.
Trading in the counter has been suspended.
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