Singapore: Dubai Drydocks World said yesterday it had received acceptances for its offer for Labroy Marine amounting to 91.23 per cent of the Singapore company.
The Middle Eastern company will now proceed with earlier plans to delist Labroy and make it a wholly-owned subsidiary.
It will also exercise its right to a compulsory acquisition of the remaining shares it does not own.
Dubai Drydocks' offer of $2.8425 per share puts its buyout offer at US$1.63 billion (S$2.4 billion) for Labroy Marine.
The Singapore Exchange said it would suspend trading of Labroy shares at the close of the takeover offer, which ends on January 4. [20/12/07]
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