SINGAPORE (July 3): Majority shareholder CIMC (China International Marine Containers) is raising the offer price for each share of Pteris Global from 73.5 cents to 85 cents.

DBS Bank on Sunday made the announcement on behalf of Sharp Vision Holdings, the vehicle which CIMC is making the offer through, that each undertaking shareholder had executed irrevocable undertakings in favour of the offeror, subject to the offeror revising the offer price to “a price not less than 85 cents”.

“Shareholders who have earlier accepted the Offer are entitled to receive the Final Offer Price. Accordingly, no further action in respect of the Offer is required to be taken by Shareholders who have already accepted the Offer,” says DBS.

The offeror has not intention of revising the final offer price, added DBS.

As of Sunday, the shares held, directly or indirectly, by each of the undertaking shareholder comprised a total of 37.1 million shares, representing 9.63% of the total shares.

CIMC launched the takeover bid for the airport support equipment provider in April.

On June 8, DBS announced that the closing date of the offer was to be extended from 5.30pm on June 9 to 5.30pm on June 23.

The total number of shares owned, controlled to agreed to be acquired by the offeror and persons acting in concert with it at that time amounted to 305.6 million shares, or 79.3% of the total shares.

Minority shareholders who do not accept CIMC's offer cannot expect to be bought out if Pteris falls below its minimum free float, gets suspended from trading and is eventually delisted.

To have the right to do a compulsory acquisition, CIMC will need to garner 90% of the shares it does not already own.

But it will most likely be unable to do that because a substantial shareholder SZ TGM, which owns a 21.26% stake, has irrevocably undertaken to reject CIMC's offer.

Pteris Global shares had closed at 78 cents on Friday.