French container carrier CMA CGM S.A. has reported that its all-cash voluntary unconditional general offer for Neptune Orient Lines Limited (NOL) closed on July 18, 2016, with CMA CGM now owning approximately 97.83% of NOL’s share capital.
With the public float of NOL shares below the minimum threshold of 10%, the Singapore Exchange Securities Trading Limited (SGX-ST) will suspend the trading of NOL shares and CMA CGM does not intend to take any steps for the suspension to be lifted.
As announced on June 28, 2016, CMA CGM has crossed the compulsory acquisition ownership threshold in NOL and confirms that it intends to exercise its rights to compulsorily acquire all the NOL shares held by NOL shareholders who have not accepted the offer.
CMA CGM will compulsorily acquire all remaining NOL shares at a price equal to the offer price of SGD 1.3 (USD 0.96) as soon as practicable. 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.
Following the completion of the compulsory acquisition exercise, NOL will become a wholly owned subsidiary of CMA CGM. CMA CGM intends to delist NOL from the SGX-ST thereafter.