PETALING JAYA: 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 have kept the offer price unchanged at 38 sen per share and 20 sen per warrant.
According to a filing with Bursa Malaysia yesterday, 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.