The acquirer expressed his intention to exercise his right to force the acquisition of the remaining shares it had not purchased at a cash price of RMB 0.6029 per share, and after that, it will delist Bandung Technology.
The acquirer has controlled more than 90% of Ban Leong Technologies' equity, and will force the remaining shares to be acquired and delisted the computer hardware and accessories distributor.
Acquisitioner Epicsoft Asia Sdn Bentayga announced on the evening of Thursday (June 12) that it has controlled approximately 92.92% of Bandung Technology's equity, so the free circulation ratio of Bandung Technology's stock is no longer in line with the listing requirements.
Bandung Technology's stock price remained flat at 0.60 yuan on Thursday, and no deal was reached.
Bandung Technology is a Singapore Exchange main board listed company. Epicsoft Asia, which is engaged in the distribution of interactive entertainment software, is a wholly-owned subsidiary of GCL Global Holdings, a Nasdaq stock market listed company.
The acquirer announced on April 30 that he would make this acquisition offer to Bandung Technology. The deadline for shareholders to accept the offer is July 2. The offer was rated as "fair and reasonable" by the independent financial advisor, and the independent director therefore advised shareholders to accept the offer.