Offer for Broadway Industrial Group turns unconditional

THE mandatory cash offer made by engineering solutions provider Patec Group to acquire all the shares of manufacturer Broadway Industrial Group has turned unconditional in all respects.

As at 6 pm on Thursday (Nov 14), the total number of shares owned, controlled or agreed to be acquired by the offeror and persons acting in concert with it – together with valid acceptances of the offer – amounted to 54.5 per cent of the total number of shares of Broadway Industrial.

This represents 53 per cent of the maximum potential issued share capital of Broadway Industrial.

As this has exceeded 50 per cent of the voting rights attributable to the maximum potential share capital of Broadway Industrial, the offer has been declared unconditional in all respects.

The closing date of the offer has been extended to 5.30 pm on Dec 23.

Patec Group made a mandatory conditional cash offer to take Broadway Industrial private at S$0.197 in cash a share on Oct 28.

The group had acquired some 197 million Broadway shares from the company’s non-executive director Lew Syn Pau and Lau Leok Yee, representing 43.3 per cent of the company’s share capital, excluding treasury shares.

The purchase triggered the mandatory conditional cash offer for all of Broadway’s shares, excluding treasury shares and those already owned, controlled and agreed to be acquired by Patec. Prior to this, Patec did not own or control any Broadway shares.

Shares of Broadway Industrial closed unchanged at S$0.196 on Thursday, before the release of the latest announcement.

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