Offer now unconditional as Nordic Flow Control secures 69.7% of shares
Nordic Group (MR7) announced on Monday, January 24, that its voluntary conditional offer for engineering firm Starburst Holdings (40D) has become unconditional. As of 6pm that day, Nordic’s wholly-owned unit, Nordic Flow Control, along with its concert parties, controlled approximately 69.7% of Starburst’s issued shares.
The offer, which was first made in November, was declared unconditional after Nordic Flow Control secured valid acceptances for around 173.1 million shares. With more than 50% of the total shares now under its control, the offer has moved to its final stage.
The offer price remains at S$0.238 per share in cash, and the closing date for the offer has been extended to 5.30 pm on March 7, from the previously set date of February 21.
Nordic Group has stated that acquiring Starburst will offer strategic synergies and could lead to the potential delisting of Starburst from the Singapore Exchange (SGX). Despite this announcement, shares of Nordic Group closed 1.2% lower at S$0.40, while Starburst shares ended unchanged at S$0.235.
