Patec has received valid acceptances for 223.1 million shares of Broadway Industrial Group (SGX:B69), or 48.8% of total shares, as of 6 pm on Dec. 20, according to a Friday filing on the Singapore Exchange.
Combined with its existing holdings, Patec now controls 91.9% of the company.
With the offer nearing completion, Patec does not intend to support restoring the public float or lifting a potential trading suspension of the target. Dissenting shareholders can require Patec to acquire their shares at the offer price.
The offer will close Dec. 23, 5:30 pm Singapore time.
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