Fragrance management’s takeover bid becomes unconditional

Singapore two-dollar bills

A management-led bid to take Fragrance Group private, announced Friday, has become unconditional, with acceptances from more than 90 percent of shares, the offerer said in a filing to SGX Monday.

On Friday, Koh Wee Meng, CEO of the property developer, announced a bid to take the company private, offering S$0.138 a share, a premium of around 16.9 percent over the stock’s close price of S$0.118 Thursday.

The offer was conditional on receiving acceptances from at least 90 percent of the outstanding shares; the Friday announcement said 85.75 percent was already pledged.

On Monday, JK Global Treasures, which has Koh as the sole shareholder, said it and its concert parties owned, controlled or has agreed to acquire around 91.5 percent of the shares outstanding, excluding treasury shares.

The offer document setting out the terms will be released within 14 to 21 days.

After receiving acceptances for at least 90 percent of the free-floating shares, JK Global Treasures can acquire the remaining shares on a compulsory basis and delist the company.