Hongkong Land exit offer to MCL shareholders now “unconditional”

Mainboard-listed Hongkong Land said its exit offer to shareholders of takeover target MCL Land is now ‘unconditional’.

This follows the passing of a resolution at MCL’s extraordinary general meeting on Tuesday to approve the proposed voluntary delisting of MCL Land from the Singapore Exchange.

For stockholders who have already accepted the exit offer of S$2.45 per stock unit, payment will be made by Friday, December 3.

For stockholders who accept the exit offer from Tuesday until the closing date on December 7, they will receive payment within ten days of the receipt of their acceptance.

Following the passing of the resolution on Tuesday, MCL Land expects the delisting date to be December 21 unless it announces a delay.

In August, Hongkong Land said it wanted to acquire all the remaining shares that it does not already own in MCL Land and delist it from the Singapore Exchange.

The exit offer is at a total cost of S$205 million.

Source : Channel NewsAsia – 23 Nov 2010

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