fnhovid 10 - Hovid's office and factory in Jalan Tunku Abdul Rahman (formerly Jalan Kuala Kangsar). fnhovid 11 - Machiery has been introduced to pack Ho Yan Hor.
KUALA LUMPUR: Hovid Bhd managing director David Ho Sue San and private equity group TAEL Partners have extended the closing date of their takeover offer for Hovid and lowered the acceptance condition threshold.
However, they kept the offer price unchanged at 38 sen per share and 20 sen per warrant.
According to a filing with Bursa Malaysia on Wednesday, the joint offerors have again extended the cut-off date, this time to Dec 7 from Dec 4 previously.
The offer is now conditional on the joint offerors receiving more than 75% of the pharmaceutical company’s shares, including shares already held or acquired.
Previously, the acceptance condition was at least 90% of the offer shares, excluding the ones held by persons acting in concert.
Ho and TAEL Partners (through special-purpose vehicle Fajar Astoria Sdn Bhd) had intended to take Hovid private.
As of Nov 17, the joint offerors held a 46.88% stake, while another 8.57% of shares had been transferred into Fajar Astoria’s Central Depository System account for which the acceptance forms had yet to be received/verified.
Hovid’s share price closed unchanged at 36.5 sen on Wednesday, with 638,300 shates changing hands.
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