Tan Choo Pie @ Tan Chang Chai, his wife and his son Tan Heok Ting entered into an implementation agreement to acquire remaining 74.52% stake in Spindex Industries Limited (SGX:564) for SGD 73.1 million on February 9, 2017. Under the terms of the agreement, Tan Choo Pie TanChang Chai and Tan Heok Ting will pay SGD 0.85 in cash as a consideration for each share of Spindex Industries. The acquisition will be effected by way of a scheme of arrangement. Tan Choo Pie @ Tan Chang Chai and Tan Heok Ting CURRENTLYhold 25.48% stake in Spindex Industries. After the completion of the agreement, Spindex Industries Limited will be wholly owned by Tan Choo Pie @ Tan Chang Chai, his wife and Tan Heok Ting. The offerors entered into an agreement for the proposed privatization and delisting of Spindex from the SGX-ST. The transaction is subject to approval of Spindex Industries shareholders, High Court of the Republic of Singapore approval and subject to the approval of Singapore Exchange Securities Trading Limited. DBS Bank Ltd. acted as financial advisor to the offerors. Tan Choo Pie @ Tan Chang Chai, his wife and his son Tan Heok Ting cancelled the acquisition of remaining 74.52% stake in Spindex Industries Limited (SGX:564) on March 3, 2017. The Securities Industry Council of Singapore consented to the termination of the scheme by the offeror and Spindex Industries Limited and the implementation of the acquisition by way of a mandatory general offer instead.