French container shipping major CMA CGM S.A. has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL) and now owns 91.28% of NOL’s share capital.
Following its all-cash voluntary conditional general offer for NOL, which was launched on June 6, CMA CGM now owns over 2.37 million shares in the company.
The company satisfied on 9 June the acceptance condition in its offer, after NOL’s shareholders tendered all of their shares in acceptance of the deal.
CMA CGM has confirmed that it intends to exercise its rights of compulsory acquisition to acquire all the NOL shares held by NOL shareholders who have not accepted the offer, at a price equal to the offer price of SGD 1.30, “as soon as practicable after the close of the offer.”
“Payment for NOL shares that are compulsorily acquired will be made in cash within 7 business days after the completion of the compulsory acquisition exercise, which is expected to take at least one month from its commencement,” CMA CGM said.
Further to the agreement, NOL’s Board of Directors changed, now comprising ten members, including Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.