Let's do a recap -
(1) At the end of the GO (first announced on 15Aug12) pegged at $0.14/share which closed at 5:30pm on 28Nov12, the Offeror, CROWN Speciality Packaging Investment P/L (a 60/40 j-v between U.S. metal packaging giant Crown Holdings, Inc, and the Goh Cheng Liang Family) managed to secure only 85.07% of SupPack, after a 3.5-month exercise and numerous extensions. Therefore, SupPack will remain listed on SGX.....
http://info.sgx.com/webcoranncatth.nsf/V...4004017D5/$file/Close_of_Offer_Announcement_281112.pdf?openelement
(2) The key reason preventing the Offeror from achieving the desired critical 90% acceptance level - which would have given them the legal right to compulsorily acquire the balance shares - is that the remaining minority shareholders think the GO at $0.14/share is too low, unreasonable, and unfair from a NAV perspective. This view is supported by a well-argued and documented opinion from SAC Capital (as the appointed IFA) and a negative recommendation from SupPack's IDs against accepting the GO......
http://info.sgx.com/listprosp.nsf/5ec09b...7002249be/$FILE/SuperiorMulti-Packaging-Cir-Clean.pdf
(3) The Offeror can jolly well afford to raise the GO price by a few more cents, and this should have enabled them to finish off the job and privatise SupPack. Understandably the Offeror did not pursue this strategy because possibly Crown Holdings just wanted to save a few million dollars!
My concluding remarks: I think many minority shareholders - and especially the remaining 14.93% still standing tall - have quietly spoken against the just past GO, which - in all reasonableness - is a lousy and unfair one! We know Crown Holdings is an expert metal packaging giant, and that this giant has bought into SupPack as part of its aggressive Asian expansion strategy underway. So conceivably going forward Crown Holdings will add a lot of values - in technology, management expertise, marketing, market coverage, and business growth - into SupPack as a new 51.04%-owned (on a beneficiary basis) subsidiary. As a remaining minority shareholder in SupPack, I am actually quite happy and excited about the coming ride of the next-phase of growth with Crown Holdings as a partner in-charge. One thing is for sure, Crown Holdings will have to be prepared to pay more in any 2nd attempt to buy out the remaining minority shareholders of SupPack.