Design Studio had a project in Burj Dubai.
THE NEAR-INEVITABLE has happened.
After seeing practically no take-up of its buyout offer at 55 cents, Depa Interiors last night raised its offer price for all the shares of Design Studio Furniture Manufacturer it does not own.
The new price is 65 cents a share, a 18.18% jump from 55 cents.
The revised offer came after it and its concert parties made an off-market acquisition yesterday (Aug 2) of 64,001,000 shares at 65 cents a share.
That represents 25.08% of the company.
It is not known yet who the seller or sellers of the shares were.
As a result of the transaction, Depa now controls 130,737,000 shares or 51.22% of Design Studio.
That also leads to the nature of the offer being changed from a voluntary offer to a mandatory offer.
Interestingly, Depa said it reserves the right to further revise the revised offer price at any time in accordance with the Singapore Code on Takeovers and Mergers, and/or in the situation where there are competing offers.
The latter scenario cannot be ruled out given that there has been a substantial volume of trades done above 55 cents after Depa made its original offer in late June.
Recent story when the offer price was at 55 cents a share: DESIGN STUDIO shareholders advised to reject Depa's buyout offer
