KUALA LUMPUR (Nov 22): Hovid Bhd's managing director David Ho and private equity firm TAEL Two Partners Ltd, who have offered to take over the company, have lowered the acceptance condition threshold to 75% from 90%.

That means the offer is now conditional on the joint offerors receiving more than 75% of the pharmaceutical company's shares, including shares already held or acquired.

They also made a second extension to the cut-off date for the acceptance of the offer, to Dec 7 from Dec 4. The original deadline was Nov 20.

Other than that, other terms and conditions, including the offer price of 38 sen per share, remain unchanged, a press statement from the joint offerors stated today.

TAEL is undertaking the offer via its special purpose vehicle Fajar Astoria Sdn Bhd.

At market close today, the joint offerors held 56.81% of Hovid's total shares, and 72.52% of its warrants.

Hovid shares closed unchanged at 36.5 sen today, and for a market capitalisation of RM299.62 million.