Wheelock and Company Limited (SEHK:20) made an offer to acquire the remaining 23.79% stake in Wheelock Properties (Singapore) Limited (SGX:M35) from Chan Wing Cheng, David Tik En Lim, Richard Lap Fung Li, Tan Bee Kim and others for approximately SGD 600 million on July 19, 2018. The offer per share is SGD 2.1, payable in cash. Shareholders of Wheelock Properties (Singapore) Limited who accept the offer will receive payment within 7 business days of the date of receipt of their valid acceptances by Wheelock and Company Limited. The offer per share is subject to adjustments for the dividends and other distributions or return of capital, if any, which may be announced, declared, paid or made thereon by Wheelock Properties (Singapore) Limited on or after the offer announcement date. Pre deal, Wheelock and Company Limited held 76.21% stake and post deal, it will hold 100% stake in Wheelock Properties (Singapore) Limited. Sufficient financial resources are available to Wheelock and Company Limited to satisfy full acceptance of the offer on the basis of the offer price. Post completion, Wheelock Properties (Singapore) Limited will operate as a wholly owned subsidiary of Wheelock and Company Limited. Wheelock and Company Limited does not intend to preserve the listing status of Wheelock Properties (Singapore) Limited and intends to delist Wheelock Properties (Singapore) Limited even if, inter alia, the free float requirement is not satisfied. In the event that Wheelock and Company Limited receives valid acceptances pursuant to the offer and/or acquires shares of Wheelock Properties (Singapore) Limited otherwise than through valid acceptances of the offer in respect of not less than 90% of the total number of issued shares of Wheelock Properties (Singapore) Limited (other than those already held by Wheelock and Company Limited, its related corporations or their respective nominees as at the date of the offer and excluding any shares of Wheelock Properties (Singapore) Limited held in treasury), Wheelock and Company Limited would be entitled to exercise the right to compulsorily acquire all the shares of Wheelock Properties (Singapore) Limited from the shareholders who have not accepted the offer at a price equal to the offer price. In addition, if Wheelock and Company Limited acquires such number of shares of Wheelock Properties (Singapore) Limited which together with the shares held by it, its related corporations and their respective nominees, comprise 90% or more of the total number of issued shares, the shareholders of Wheelock Properties (Singapore) Limited who have not accepted the offer have a right to require Wheelock and Company Limited to acquire their shares at the offer price. Wheelock and Company Limited has no current intentions to discontinue the employment of the existing employees of Wheelock Properties (Singapore) Limited or its subsidiaries. The offer will be unconditional in all respects. As of August 24, 2018, the independent Directors of Wheelock Properties (Singapore) Limited, namely Colm Martin McCarthy, David Tik En Lim, Kevin Khien Kwok, Richard Lap Fung Li, Tan Bee Kim and Tan Zing Yan recommended the shareholders to accept the offer. A committee of the independent Directors of Wheelock Properties (Singapore) Limited was formed for the deal. The offer's first closing date is September 7, 2018. The offer will remain open for a period of not less than 14 days after the date on which the offer would otherwise have closed. The offer, if revised, will remain open for acceptance for a period of at least 14 days from the date of dispatch of the written notification of the revision to shareholders. As of September 7, 2018, the closing date of the offer was extended from September 7, 2018 to September 21, 2018. As of September 21, 2018, the closing date of the offer was extended from September 21, 2018 to September 28, 2018. As of September 24, 2018, the closing date of the offer was extended from September 28, 2018 to October 2, 2018. DBS Bank Ltd. acted as a financial advisor, M & C Services Private Limited acted as a registrar and The Central Depository (Pte) Limited acted as a depository bank to Wheelock and Company Limited. Andrew Ang, Dawn Law and Quak Fi Ling of WongPartnership LLP acted as legal advisors to Wheelock and Company Limited and DBS Bank Ltd. As of July 25, 2018, Gerald Ong and Mark Liew of PrimePartners Corporate Finance Pte. Ltd. were appointed as financial advisors to the recommending Directors of Wheelock Properties (Singapore) Limited. Yvonne Chiu Sok Hua of KPMG Services Pte. Ltd. acted as an accountant to Wheelock Properties (Singapore) Limited. Cynthia Ng of Savills Valuation And Professional Services (S) Pte Ltd acted as valuers for the properties owned by Wheelock Properties (Singapore) Limited.