SBI Offshore will have to make a cash exit offer to shareholders after it failed to meet the August 31 deadline to complete the proposed acquisition of the Berlitz group.

According to the filing, the Singapore Exchange (SGX) has terminated its review of SBI’s pre-admission notification for the proposed acquisition.

SBI Offshore first proposed acquisition of the marine offshore and solutions providers on Feb 20, 2019. The acquisition, if successfully completed, will constitute a reverse takeover of SBI.

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