As of 6 Mar 19, the Offeror and its concert parties now have 92.2% of total shares in M1. Given that the Offeror has received valid acceptances of not less than 90% of total issued shares (other than those already held by the Offeror, related corporations or nominees), the Offeror intends to exercise its right of compulsory acquisition at the offer price of S$2.06 per share.

M1 will be delisted from the SGX-ST though the delisting date has yet to be announced.

As for dissenting shareholders, the Offeror has highlighted that the current offer is an opportunity for shareholders to cash in sooner rather than waiting for the Offeror to exercise its right of compulsory acquisition. The offer remains open for acceptance till 18 Mar 19 (5.30pm).

We continue to maintain our ACCEPT THE OFFER rating on M1.

Source: OCBC Research - 7 Mar 2019