MARKETS & INVESTING | Staff Reporter, Singapore

Fincantieri extends Vard Holdings' exit offer to 8 August

The deal is now unconditional.

Fincantieri Oil & Gas S.p.A (Fincantieri) extends its exit offer for Vard Holdings from 7 August to 8 August 2018 as the offer is now declared unconditional in all aspects.

According to an announcement, Fincantieri now holds 87.06% of Vard. It offered to buy all of Vard’s shares for 25 cents each.

As previously said, the delisting will only occur if the Singapore Exchange (SGX) agrees to Vard's application and at least 75% of shareholders approve or not 10% or more vote against the delisting.

About 96% of votes cast the extraordinary general meeting (EGM) were in favour of the delisting.

Vard noted that shareholders that voted in favour of the delisting must still accept the exit offer by completing, signing, and submitting their form of acceptance to Fincantieri no later than 5:30 p.m. on the closing date.

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