Breedens Investments Pte. Ltd., an indirect subsidiary of Temasek Holdings (Private) Limited, announced it intends to make an all-cash Voluntary Conditional General Offer for all shares in Olam International Limited, a global integrated supply chain manager and processor of agricultural products and food ingredients, supplying various products across 16 platforms in 65 countries. The offer price of S$2.23 per share represents: a price which exceeds the highest transacted price in the 52 weeks preceding the announcement, the company noted.
The Olam founding family shareholders and key management have agreed not to dispose of their stakes without Breedens' consent during the offer period and six months thereafter. They have also given Breedens a pre-emption right to purchase their shares. Olam founding family shareholders and three members of key management have agreed to tender a 5.6% shareholding interest in Olam in acceptance of the offer.
David Heng, Director of Breedens, said,"We prefer to keep Olam as a listed company, which will continue to be guided by its board and management team. However, we will reassess our position if the minimum public float requirements are not met at the close of the Offer."
Breedens and Aranda Investments Pte. Ltd. together hold the largest stake of 24.6% in Olam, followed by Olam founding family shareholders with the second largest stake of 20.2%.
For comments and feedback contact: editorial@rttnews.com
Business News