The buyout offer for Singaporean telco M1 Limited (M1) closed on 18 March 2019 with the total number of shares purchased by the offeror – Konnectivity Ltd, the joint venture (JV) of Singapore Press Holdings (SPH) and the JV’s majority shareholder, Singaporean conglomerate Keppel Corporation – representing approximately 94.55% of the company’s equity. Konnectivity now plans to exercise its right to compulsorily acquire all the shares of the dissenting shareholders at an offer price of SGD2.06 (USD1.52) per share on or after 16 April 2019, on the same terms and conditions of the voluntary conditional general offer.
On 27 February this year Konnectivity confirmed via a Singapore Exchange filing that it owned 90.15% of M1’s shares following the announcement that Axiata Group (via wholly owned subsidiary Axiata Investments [Singapore]) had accepted a voluntary conditional general cash offer for the group’s entire 28.6% stake in M1 for MYR1.65 billion (USD404.5 million). Going forward, M1 will be delisted from the Singapore Exchange upon completion of this compulsory acquisition exercise so it can begin a ‘multi-year transformational journey’ to better compete in the market and ‘reinvigorate’ its services. The delisting date will be announced in due course, Konnectivity confirmed.