dubai-retail-group-takes-over-singapores-robinson

Dubai retail group takes over Singapore's Robinson

Al-Futtaim improves its offer for Robinson, valuing the retailer at $448 million. Meanwhile, Indonesia's Lippo Group and OCBC tender their shares taking Al-Futtaim's shareholding to 93%.
April 06, 2008
DubaiÆs Al-Futtaim has tabled a third offer for Singapore-listed Robinson and Company, valuing the retailer at S$619 million $448 million and enticing its largest shareholder, Auric Pacific, part-owned by IndonesiaÆs Lippo Group, to offer its shares. Another shareholder, Oversea-Chinese Banking Corp OCBC, has followed suit.

In a filing with the Singapore Exchange on April 3, Standard Chartered Bank, who is representing Al-Futtaim on the unsolicited takeover, said the acquirer has cornered 87.19% of Robinson's outstanding shares. This includes the 29.9% owned by RobinsonÆs largest shareholder, Auric Pacific.

One day later, on April 4, OCBC announced it had sold the majority of its holding in Robinson to Al-Futtaim Group. OCBC held 6.05% and post-tender holds...
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