The offer by Temasek Holdings‘ subsidiary Startree Investments to acquire all of the shares of Sembcorp Marine it doesn’t already own resulted in acceptances for 8 percent of the rigbuilder’s shares, boosting Startree’s stake to 54.6 percent, according to a filing to SGX Wednesday.
With the mandatory general offer now closed, SembMarine will remain listed on SGX, the filing said.
Startree had previously said it didn’t plan to extend the offer and it wouldn’t raise the pricing; the Temasek subsidiary previously stated its intention was for SembMarine to remain listed on SGX.
In September, Startree Investments made a mandatory general offer (MGO) to acquire all of Sembcorp Marine’s shares it doesn’t already own for S$0.08 each in cash.
Startree was required to make the offer as its stake in SembMarine increased to 46.6 percent from 42.6 percent after the rigbuilder completed a S$1.5 billion renounceable rights issue at S$0.08 a share. The increased shareholding triggered an obligation to make a general offer under Singapore’s Code on Take-overs and Mergers. The mandatory general offer was required to match to rights issue price at a minimum.
Late Monday, Startree said its offer became unconditional after receiving acceptances representing around 3.98 percent of the rigbuilder’s shares, pushing it over the 50 percent threshold.
Temasek is Singapore’s state-owned investment company.