Uncertain outcome for Temasek bid for NOL
Temasek Holdings, the Singapore government entity which made a conditional cash offer for Neptune Orient Lines Tuesday, is facing uncertainty about the acceptance of its bid, while questions remain about the future stock market listing of the shipping and logistics group.
The public offer, handled by Goldman Sachs (Singapore), will be subject to valid acceptances having been received in respect of more than 50 percent of shares with voting rights.
“We are unable to say whether NOL will be (taken private) as it will depend on the acceptance level,” a spokesman for Temasek told Shippers’
NewsWire. “If our offer becomes unconditional, we expect NOL to continue with its existing business activities,” she added.
Temasek yesterday offered to buy the shares of NOL it did not already own for S$2.80 ($1.60) per share.
The government entity reportedly owns 30.1 percent of NOL, which has a current market capitalization of about S$3.7 billion ($2.2 billion).