D&L Industries Inc. said that it has moved the crossing and settlement of the shares from the company’s tender offer to October 7 and 10.
“In observance of Eidul Adha (Feast of Sacrifice) on Monday, October 6, the cross and settlement dates for the tender offer conducted by D&L will have to be moved to October 7 and 10, respectively,” D&L said.
D&L is currently conducting a tender offer for Chemrez Technologies Inc. shares to fully acquire the chemical manufacturing firm. D&L said the tender offer runs from September 4 to October 3. Offer price is at P6 per share, which is 24 percent above the 60-day moving average of the Chemrez Technologies’ share price as of August 29.
Over the weekend, D&L said Chemrez Technologies is set to voluntarily delist from the local bourse if the public float falls short from the 10 percent minimum public float requirement of the stock exchange after the completion of its tender offer to fully own Chemrez Technologies.
D&L Industries, through the tender offer, would own the rest of the 65.3-percent stake in Chemrez Technologies from its previous 34.7 percent holdings in the company.
Chemrez Technologies is a listed manufacturer of resins, oleochemicals, and specialty products, and has experience in technologies including: colorants, polymers, biopetroleum, oleochemicals, powder coating, food, oil and gas, and water treatment among others.
Established in 1963 and listed in December 2012, D&L has four main businesses: food raw materials (Oleo Fats Inc), plastics (D&L Polymer and Colours Inc. and First in Colours Inc.), aerosols (Aero-Pack Industries Inc.), and chemicals (Chemrez Technologies).