Acceptances for the combined consideration for 96.88 per cent of the Island Hotel Group Holding (IHGH) shares and acceptances for the cash alternative for 2.8 per cent of shares were received by International Hotel Investments (IHI) by closing date.
In a notice on the Stock Exchange, IHI said this amounted to an aggregate amount of acceptances of 99.68 per cent of the IHGH entire issued share capital and all the conditions to which the bid was subject were satisfied.
Accordingly, the bid by IHI was now unconditional in all respects.
IHI said it had already expressed its intention to exercise its rights to require all the remaining shareholders in IHGH to sell and transfer to IHI the remaining shares in IHGH. It confirmed it would be proceeding to acquire the said shares.
On acquiring all the shares in IHGH, IHI would be applying for the de-listing of the IHGH shares.