Guocoleisure Holdings increases offer price for GL Limited shares to 80 cents per share

Guocoleisure Holdings, a wholly-owned subsidiary of Guoco Group Limited (GGL) has revised its voluntary conditional cash offer for all the issued ordinary shares in the capital of GL Limited from 70 cents per share to a final price of 80 cents per share.

In a filing to SGX dated March 15, Guocolesiure Holdings states that shareholders who accepted the offer at the earlier price are entitled to the final share price of 80 cents.

The final share price represents a 42.9% premium over the last transacted price of 56 cents per share on January 14.

It also represents a 46.5%, 52.4%, 46.3% and 25.2% over the volume weighted average price (VWAP) per share for the one-, three-, six- and 12-month periods respectively, up to and including the last trading day.

In addition, Guocoleisure Holdings has obtained consent from the Securities Industry Council to waive the minimum acceptance condition of the offer from at least 90% of the voting rights attributable to all shares to 50%, subject to the revised offer remaining open for 14 days after the notification date.

To that end, the closing date of the offer has been extended from 18 March to 5.30 p.m on April 1.

Shares in GL Limited closed at 72.5 cents on March 11.