04 Mar 2015
Voluntary Unconditional Cash Offer for CH Offshore Ltd
Lawrence Tan, Soh Chai Lih, Bernia Tan, Mariana Lesmana and Cynthia Wu from the Capital Markets / M&A Practice Group acted for Energian Pte. Ltd., (the “Offeror”), a wholly-owned subsidiary of Falcon Energy Group Limited (“FEG”), in its voluntary unconditional cash offer for the issued and paid-up ordinary shares in the capital of CH Offshore Ltd. (“CHO”) other than those already owned, controlled or agreed to be acquired by the Offeror.
The offer for CHO was first announced as a voluntary conditional cash offer on 11 December 2014 with an offer price of S$0.495 for each CHO share. The offer price was revised on 9 February 2015 to S$0.550 for each CHO share, which valued CHO at approximately S$387.8 million. In connection with the price revision, the Offeror had obtained irrevocable undertakings on 9 February 2015 from each of Chuan Hup Holdings Limited and Mr Peh Kwee Chim to, amongst others, accept the offer in respect of CHO shares held by them, which in aggregate represents approximately 31.52% of the total number of issued CHO shares. The Offeror succeeded in its offer when it was declared unconditional in all respects on 11 February 2015.
CHO is an offshore support service provider in the oil and gas industry and the CHO Group has a track record of over 30 years in providing marine support services to the oil and gas industry worldwide and has customers in Southeast Asia, the Middle East, the Americas, Africa and Russia.