Konnectivity, which has taken control of M1, said on Friday that M1 options will lapse once it completes the compulsory acquisition of the rest of the shares of the Singapore telco it doesn’t already own.
Holders of M1 options can either tender the options under the takeover bid by the close of business on Monday, or exercise the options into new shares, Konnectivity said in a filing to SGX on Monday.
“Any options not so exercised into new shares shall lapse on the completion of the compulsory acquisition exercise,” Konnectivity, which is a special purpose vehicle set up by M1 shareholders Singapore Press Holdings and Keppel Corp., said in the filing.
Konnectivity said earlier this month it would compulsorily acquire all the M1 shares from holders who haven’t accepted its S$2.06 a share takeover bid and then delist the Singapore telco.
On Friday, the filing said that Konnectivity owned, controlled or had agreed to acquire 92.2 percent of M1’s shares, bringing the listing below the required minimum 10 percent free float and entitling the offerer to compulsorily acquire the remaining shares at its S$2.06 a share offer price.
The compulsory acquisition will take place on or after 16 April, Konnectivity said on Friday.
Konnectivity made a voluntary conditional general offer for the Singapore telco last year.
The bid for M1 aimed to gain control of at least 50 percent of the telco to more easily engage in a “transformational” restructuring, which would likely include lower dividends, Konnectivity has previously said.