UOL mulls compulsorily acquiring all remaining shares of Pan Pacific Hotels

Valid acceptances received amounted to 100.0m shares.

According to OSK DMG, UOL plans to delist Pan Pacific Hotels Group. UOL Group intends to compulsorily acquire all the remaining shares of Pan Pacific Hotels Group (PPHG) and delist the company, said UOL at the close of its exit offer yesterday.

Here's more from OSK DMG:

UOL received valid acceptances amounting to 100.0m shares, representing about 16.67% of the total number of issued shares.

This includes acceptances received from parties acting in concert, amounting to 49.5m shares, about 8.25% of the total number of issued shares.

As at the close of the exit offer yesterday, the total number of shares owned, controlled, or agreed to be acquired by UOL and other parties acting in concert, amounted to 591.9m shares, about 98.66% of the total number of issued shares.

The exit offer, at SGD2.55 per share, reflects an 8.97% premium over PPHG's last transacted share price of SGD2.34, when it was suspended in May.

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