(Alliance News) - Taylor Maritime Investment Ltd said on Tuesday its offer for Grindrod Shipping Holdings Ltd has closed, indicating the delisting of the Singapore-based shipping firm from Nasdaq in New York and the Johannesburg Stock Exchange is likely.
As at the end of Monday in New York, the closing date of the offer, Taylor Maritime owned, controlled or had offer acceptances for 83.2% of Grindrod Shipping's shares.
The Guernsey-based vessel investment company said Grindrod Shipping shares tendered in the offer amounted to 55.5%.
Back in August, when it made a non-binding indicative proposal to acquire Grindrod Shipping, Taylor Maritime held 25.3%.
Taylor Maritime tabled its voluntary conditional cash offer of USD26.00 per share in October, valuing Grindrod Shipping at USD506 million. The acquisition became unconditional late last month.
On Tuesday, Taylor Maritime noted that it failed to reach the compulsory acquisition threshold, but it said it still may seek to delist Grindrod Shipping from Nasdaq and the JSE, subject to satisfaction on legal and regulatory requirements.
"Shareholders should also note that, even though the compulsory acquisition threshold has not been met, the shares may no longer meet the listing requirements of Nasdaq and/or the main board of the JSE and may be delisted from Nasdaq or the main board of the JSE at the discretion of those exchanges and their relevant regulatory authorities," Taylor Maritime said.
In Johannesburg, Grindrod Shipping shares shed 6.0% to ZAR338.00 on Tuesday at midday. Taylor Maritime was down 2.2% at 90.00 pence in London.
By Artwell Dlamini, Alliance News reporter
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Taylor Maritim (TMI)
Taylor Maritim (TMIP)