Osim CEO raises offer for massage-chair maker

ST, Money, pg 0, 26 Mar 2004Published in Colour[Ron Sim, 45, founder and CEO of Osim International, was named Businessman of the Year, for building his company, famous for its luxurious massage chairs, into a leading international brand name. ] Singapore Business Awards 2003.

SINGAPORE: Osim International Ltd chairman and chief executive officer Ron Sim (pic) increased his cash offer for a second time to S$331.4mil (US$246mil) to take Asia’s biggest maker of massage chairs private.

Sim boosted his offer to S$1.41 per share from S$1.39 through his investment vehicle, Vision Three Pte Ltd, according to a statement on Friday.

The latest proposal includes the 2-cent dividend for 2015, expected to be paid on or about April 13, the statement showed.

There will be no further price increase and the closing date has been extended to April 29 from April 25, according to the statement.

The proposal will be extended to shareholders who have already accepted the earlier offer, the statement showed. Sim held 68.31% when he made his first offer.

The original offer on March 7, which was for S$1.32 per share, was raised by more than 5% on April 5. Trading has been halted since then.

Osim rose 1.1% to S$1.37 before the suspension. — Bloomberg

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