SINGAPORE (Jan 2): The offer by Cosco Shipping International (Singapore) Co. to acquire all the issued ordinary shares of Cogent Holdings has turned unconditional.

See: Cogent gets $1.02 per share cash offer from Cosco Shipping

In a Tuesday night filing, Bank of China (Singapore Branch), acting on behalf of Cosco Shipping International, says as at 5pm, the offeror has received valid acceptances representing 440.5 million shares or 92.05% of Cogent.

The valid acceptances received as at the offer unconditional date include 403.5 million shares representing 84.33% of Cogent tendered by the undertaking shareholders under to their respective irrevocable undertakings.

“Accordingly, the offer acceptance condition has been satisfied and the offer has become unconditional as to acceptances and in all other respects,” says Bank of China.

As a result, Cosco Shipping International will in due course exercise the compulsory accquisition of all remaining shares and proceed to delist Cogent from the Singapore Exchange.

The offer will close on Jan 19 at 5:30 pm.

Shares in Cogent closed 1 cent lower at $1.01 on Tuesday.