Suntory to Delist Cerebos Pacific in S$364.8 Million Offer
Suntory, which has about 82.6 percent of Cerebos, offered S$6.60 a share in cash for the remaining 55.3 million shares it doesn’t own in the Singapore maker of food products and health supplements. The price represents a 23 percent premium to the last traded price of S$5.38 on July 30.
Cerebos has a total of 317.3 million shares and additional 2.5 million options granted to employees, according to the statement to the Singapore exchange today.
“The delisting and exit offer will allow the company to realize cost savings by eliminating listing, compliance and other related costs,” according to the statement. As a non- listed company, “Cerebos will enjoy greater operational flexibility and efficiency in implementing its strategic initiatives.”
Cerebos has climbed 8.5 percent this year, compared with the 15 percent advance in the Singapore benchmark Straits Times Index. (FSSTI)
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