CMA CGM S.A. (CMA CGM) yesterday announced that it has crossed the 90% ownership threshold in Neptune Orient Lines Ltd (NOL). Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6th, 2016, CMA CGM now owns 2,361,044,044 shares representing approximately 90.68% of NOL’s share capital.
With the public float of NOL shares now falling below the minimum threshold of 10%, the Singapore Exchange Securities Trading Limited (SGX-ST) may suspend the trading of NOL shares at the close of the Offer. In the event of a trading suspension, CMA CGM does not intend to take steps for the suspension to be lifted.
In addition, CMA CGM intends to have NOL delisted from the Main Board of the SGX-ST.
CMA CGM also confirms that it intends to exercise its right of compulsory acquisition to acquire all the NOL shares held by shareholders who have not accepted the Offer, in accordance with the Companies Act (Chapter 50 of Singapore), should it acquire more than 91.05% of NOL shares. An announcement will be released on SGXNET accordingly.
CMA CGM is offering NOL shareholders the Offer Price of SGD 1.30 per NOL share in cash. CMA CGM will not increase the Offer Price.
NOL shareholders who accept the Offer before the close of the Offer will be paid SGD 1.30 per NOL share within 7 business days after the date of receipt of their valid acceptance.
Full details of the Offer are set out in the Composite Document dated 6 June 2016, which has been despatched to NOL shareholders.
Acceptance of the Offer must be received no later than 5:30 p.m. (Singapore time) on July 18th, 2016 or such later date(s) as may be announced from time to time by or on behalf of CMA CGM.
Source: CMA CGM