An offer made by a consortium of shareholders to take Perennial Real Estate Holdings private has turned unconditional, the real estate developer said in a bourse filing on Tues night. It also extended the date of the close of the offer from Aug 3 to Aug 17. Earlier last month, Perennial announced that an entity called Primero Investment Holdings was offering S$0.95 a share in cash for all its shares. The proposed offer was conditional upon Primero receiving enough acceptances to give it a 90 per cent stake in Perennial, as it intends to delist the company. The consortium on June 12 owned or had secured irrevocable undertakings for 82.43 per cent of Perennial’s shares. As at 5.30pm on Tues, it owned, controlled, acquired or agreed to acquire 90.5 per cent of the total number of Perennial’s issued shares and 90.2 per cent of the company’s maximum potential issued share capital. The offer will remain open for acceptance until 5.30pm on Aug 17. Subsequently, Primero will exercise its right to compulsorily acquire all shares held by shareholders who have not accepted the offer, at S$0.95 for each share.... Continue Reading