KUALA LUMPUR (Dec 14): Hovid Bhd’s managing director David Ho and Fajar Astoria Sdn Bhd have once again lowered the acceptance condition threshold for their takeover offer, to 67% this time. 

This came after their combined shareholding stood at only 62.32% as at market close today. 

In a filing with the stock exchange, the joint offerors said the closing date remains on Dec 29, and all other terms and conditions of the offer remain unchanged.

Since the conditional voluntary takeover offer was announced, Ho and Fajar Astoria have revised the acceptance level downwards from 90% originally, to 75%, before a second round of adjustment today.

They have also extended their closing date three times, from Nov 20 originally to Dec 4, and subsequently Dec 7, and then to Dec 29.

Ho and Fajar Astoria are offering to buy Hovid shares at 38 sen each and warrants at 20 sen each to take the pharmaceutical company private. 

As at market close today, the joint offerors hold 62.32% of Hovid’s total issued share capital, and 76.68% of its warrants.

The counter settled unchanged at 38 sen today, after seeing some 3.79 million shares exchanging hands. This gives Hovid a market capitalisation of RM311.94 million.