Indofood Sukses Makmur’s takeover bid for Indofood Agri lapsed Tuesday after failing to get enough shareholder acceptances to reach an at least 90 percent stake, CIMB Bank said on behalf of the Indonesia-listed company in a filing to SGX after the market close.
“The offer has lapsed and all offer shares tendered in acceptance of the offer will be returned to shareholders,” the company said in the filing.
Indofood Sukses Makmur had planned to take the company private, delisting it from SGX, to streamline the number of listed entities in its group structure.
In April, Indofood Sukses Makmur offered to acquire the rest of Singapore-listed Indofood Agri, or IFAR, it doesn’t already own. The takeover bid was raised to S$0.3275 a share from S$0.28 earlier this month.
At the time of the offer, the Indonesian company and its related parties controlled 74.53 percent of IFAR, the filing said.
By the close of the offer Tuesday, shareholders unrelated to the offerer had tendered valid acceptances of 13.58 percent, with the total stake owned, controlled or agreed to be acquired reaching 88.08 percent, the filing said.
The offer was conditional on Indofood Sukses Makmur receiving acceptances of at least 90 percent of Indofood Agri’s outstanding shares. Once the free float of the shares falls below 10 percent required minimum threshold, Indofood Sukses Makmur would have been able to compulsorily acquire the remaining shares.
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