Offer for M1 turns unconditional after Konnectivity achieves majority control
SINGAPORE (Feb 16): The offer for M1 by Konnectivity has become unconditional in all aspects after the latter gained majority control of the telco.
This comes after 28.6% shareholder Axiata Group tendered its entire stake in acceptance of the offer.
Konnectivity is the offer vehicle jointly owned by Keppel Corporation and Singapore Press Holdings (SPH).
As at 5pm on Feb 15, Konnectivity and its concert parties hold 75.5% of M1.
Accordingly, the closing date of the offer has been extended to 5.30 pm on March 4 from 5.30 pm on Feb 18.
The voluntary general offer of $2.06 per share for the remaining M1 shares that they do not own by Keppel and SPH was announced last Sept.
At the time, Keppel Corp owned 19.3% of M1 through its subsidiary Keppel Telecommunications & Transportation, while SPH had a 13.45% stake.
In its Friday night filing, Keppel and SPH acknowledged Axiata’s strong partnership, support and valuable contributions to M1 over the years, and expressed gratitude for Axiata’s support of the offer.
Ng Yat Chung, CEO of SPH, says: “With control of M1, Keppel and SPH will be able to help M1 compete more effectively in the challenging telecommunications industry. We see opportunities to leverage on M1’s mobile platform to offer on demand and ready digital content to better serve our customers. This transaction is part of SPH’s ongoing objective to enhance long term value for our shareholders.”
Shares in M1 last traded at $2.04 on Friday.
