Search

NEWS
AGRIBUSINESS | Staff Reporter, Singapore
Published: 14 Mar 14
1158 views


Olam to receive all-cash offer from Breedens Investments

Offer price at S$2.23 per share.

Breedens Investments Pte. Ltd. (Breedens) has announced that it intends to make an all-cash Voluntary Conditional General Offer (“Offer”) for all shares in Olam International Limited (Olam).

Breedens, an indirect wholly owned subsidiary of Singapore investment company Temasek Holdings (Private) Limited, also intends to make an offer for the outstanding convertible bonds and outstanding warrants issued by Olam.

Breedens leads a consortium which includes Aranda Investments Pte. Ltd. (Aranda), Olam founding family shareholders and 10 members of the Olam executive committee, including Olam CEO Sunny Verghese. Breedens and Aranda together hold the largest stake of 24.6% in Olam, followed by Olam founding family shareholders with the second largest stake of 20.2%. Together, the consortium owns a combined majority stake of 52.5% in Olam.

The Offer price of S$2.23 per share represents: a price which exceeds the highest transacted price in the 52 weeks preceding the Offer Announcement; a premium of 11.8% over the last traded price on the last full trading day immediately preceding the Offer Announcement; and 24.2%, 32.4% and 39.5% over the one-month, three-month and six-month VWAP respectively, preceding the Offer Announcement.

With the Offer, minority shareholders will have the flexibility to tender all, part or none of their Olam shares in acceptance of the Offer. By tendering part of their shares, minority shareholders can create a balance between monetisation and continued participation in Olam’s potential growth over the long term.

Through this Offer, Breedens wishes to provide Olam with a stronger long term shareholder base to support Olam’s strategy and growth plans over the medium to long term.

Mr David Heng, Director of Breedens, said, “Members of our consortium are all long term shareholders of Olam. We have invested in Olam over the years, and share a common investment philosophy to invest and build for the long term.” He added, “We believe a successful offer will provide Olam with a stronger and more stable shareholder base to support Olam’s strategy and business model for the long term.”

He further noted, “We prefer to keep Olam as a listed company, which will continue to be guided by its board and management team. However, we will reassess our position if the minimum public float requirements are not met at the close of the Offer.”

Olam founding family shareholders and Key Management are acting in concert with Breedens for this Offer.

The Olam founding family shareholders and Key Management have agreed not to dispose of their stakes without Breedens’ consent during the Offer period and six months thereafter. They have also given Breedens a pre-emption right to purchase their shares, subject to certain limited exceptions as specified in the consortium agreement. Olam founding family shareholders and three members of Key Management have agreed to tender a 5.6% shareholding interest in Olam in acceptance of the Offer.



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Olam International, Breedens Investments, news, agribusiness, offer price, voluntary conditional general offer, shares

CO-WRITTEN ARTICLES & SPONSOR CONTENT ››

Here's why Concorde Hotel Singapore and Putrajaya International Convention Centre lead the way in technology and building efficiency.
335 views

LATEST AGRIBUSINESS JOBS »
PRINT ISSUE »

Subscribe Now
What factors are keeping expats rooted in Singapore?

29 views

Can Asian private equity outgrow the west?

3 views

15 smart ideas to outwit the wiliest investment wolves this Year of the Sheep

11 views

MOST READ EXCLUSIVES

Singapore's 12 most influential business professors under 40

Singapore\'s 12 most influential business professors under 40

The youngest is aged 34.

by KRISANA GALLEZO
23 Oct 2014 | 70999 views
 

Singapore’s 7 hot new restaurants in September

Singapore’s 7 hot new restaurants in September

Have you checked out a very secretive cafe at 48 ¾ Niven Road?

by KRISANA GALLEZO
6 Oct 2014 | 26508 views

Singapore’s top 5 work from home jobs

Singapore’s top 5 work from home jobs

Here are jobs that you can do while sitting on your couch or in your favorite coffee shop.

by KRISANA GALLEZO
11 Dec 2014 | 14667 views
 

Check out General Motors’ new HQ in Singapore

Check out General Motors’ new HQ in Singapore

A ‘hot desks’ rule is implemented in the new office.

by KRISANA GALLEZO
3 Oct 2014 | 12293 views

Singapore’s 10 favorite meals on wheels

Singapore’s 10 favorite meals on wheels

You better cut the pizza: An Italian dish bagged the number 1 spot.

by KRISANA GALLEZO
17 Oct 2014 | 11981 views
 

Don’t settle for less: Legendary Hong Kong brings authentic and traditional HK dishes to Singapore

Don’t settle for less: Legendary Hong Kong brings authentic and traditional HK dishes to Singapore

The restaurant’s construction cost over a million dollars.

by KRISANA GALLEZO
3 Nov 2014 | 7348 views

Get ready to work and play at Spotify’s regional office

Get ready to work and play at Spotify’s regional office

All the furniture except the bean bags were imported from Sweden.

by KRISANA GALLEZO
23 Sep 2014 | 5328 views
 

Opera Estate welcomes a little bar simply called ‘Slake’

Opera Estate welcomes a little bar simply called ‘Slake’

It wants to be your living/dining room outside of home.

by KRISANA GALLEZO
25 Sep 2014 | 4786 views

The new Acronis HQ will make you feel like ‘walking into blue space’

The new Acronis HQ will make you feel like ‘walking into blue space’

Also, check out photos of its 7-eleven-like pantry amenities.

by KRISANA GALLEZO
28 Oct 2014 | 4461 views
 

Sofitel in Sentosa launches world's largest So SPA

Sofitel in Sentosa launches world\'s largest So SPA

Future plans are finally revealed.

by KRISANA GALLEZO
22 Oct 2014 | 4020 views

Will you take up the challenge to live on $5 a day and share the experience?

Will you take up the challenge to live on $5 a day and share the experience?

This campaign already generated over 8,000 followers on Facebook.

by KRISANA GALLEZO
23 Sep 2014 | 3166 views
 

Want to know a ‘smart’ way to have your clothes washed?

Want to know a ‘smart’ way to have your clothes washed?

My Laundry Box introduces a smart laundry locker platform that works with an app.

by KRISANA GALLEZO
17 Oct 2014 | 3137 views

Could this be the most intelligent phonebook app yet?

Could this be the most intelligent phonebook app yet?

It’s self-updating and removes duplicates for worry-free contacts storage.

by KRISANA GALLEZO
29 Sep 2014 | 3037 views
 

Arete Culture opens first store in Lam Soon Building

Arete Culture opens first store in Lam Soon Building

It's a one-stop shop for your quirky interior decors.

by KRISANA GALLEZO
24 Sep 2014 | 2992 views

Do you want to build your own bike?

Do you want to build your own bike?

This store allows owners to creatively piece bike parts on their own.

by KRISANA GALLEZO
28 Oct 2014 | 2350 views
 

Hippy Tyrwhitt Road welcomes a resto-bar offering an all-day happy hour

Hippy Tyrwhitt Road welcomes a resto-bar offering an all-day happy hour

See how a radio DJ pursued his love for food.

by KRISANA GALLEZO
20 Oct 2014 | 1961 views

Singapore’s first news aggregation app attracts 1 million users in two years

Singapore’s first news aggregation app attracts 1 million users in two years

Stay in the loop with news and lifestyle content from SBR and 600 other publishers.

by KRISANA GALLEZO
10 Dec 2014 | 1283 views
 

This device is making a statement that hand-waving gestures are not usable

This device is making a statement that hand-waving gestures are not usable

It's a creation by 3 young computer wizards from Singapore.

by KRISANA GALLEZO
25 Sep 2014 | 1177 views

World Cup 2014 might have ended but this anti-gambling campaign is far from over

World Cup 2014 might have ended but this anti-gambling campaign is far from over

Many suggested to put it down amidst criticism, but Goodfellas cannot be stunned.

by KRISANA GALLEZO
15 Oct 2014 | 1154 views
 

Jack Wills opens its first store in Singapore

Jack Wills opens its first store in Singapore

A 'fun' brand that values the Brit vibe. Put your game face on!

by KRISANA GALLEZO
10 Dec 2014 | 1132 views

What Singaporean investors can expect from Okinawa’s development

What Singaporean investors can expect from Okinawa’s development

A 40% tax cut in setting up business is expected to lure investors.

by KRISANA GALLEZO
12 Dec 2014 | 965 views
 

Now, hear this: You won't believe what your ears are seeing

Now, hear this: You won\'t believe what your ears are seeing

Ubersnap lets you upload photos with background music.

by KRISANA GALLEZO
2 Oct 2014 | 880 views

Kungfumath wants to revamp boring e-learning portals

Kungfumath wants to revamp boring e-learning portals

“Play with numbers” in its literal sense.

by KRISANA GALLEZO
5 Dec 2014 | 693 views
 

The future of innovation: What’s next after Facebook and Twitter?

The future of innovation: What’s next after Facebook and Twitter?

A video version of Twitter might be under way.

by KRISANA GALLEZO
11 Dec 2014 | 651 views

SFIC Institute's new training hub overhauls carpenters' career image

SFIC Institute\'s new training hub overhauls carpenters\' career image

It’s the first carpentry training center in Singapore’s furniture industry.

by KRISANA GALLEZO
10 Dec 2014 | 608 views
 

Inverted Edge gives spotlight to all independent contemporary fashion designers

Inverted Edge gives spotlight to all independent contemporary fashion designers

The homegrown startup has raised US$1.6M total funding in two years.

by KRISANA GALLEZO
3 Nov 2014 | 601 views
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter