A total of 405.68 million shares had been duly accepted in Tang’s offer to buy Chip Eng Seng

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The proposal that was made by Chip Eng Seng’s chairperson, Celine Tang, as well as her husband, Gordon Tang, to acquire additional shares of the company they do not already have, was declared unconstitutional on the 14th of December.

At 6pm at the time of writing, Tangs had received valid acceptances for 405.68 million shares which is 51.73% of the total amount of shares that were issued. This figure also includes acceptances from the Tangs”concert parties” totalling around 386.37 million shares which is 49.27% of the total amount of shares held by Chip Eng Seng.

“Accordingly the offer is now unconditional in all aspects,” says United Overseas Bank (UOB) that acts as a representative of the Tangs via their firm Tang Dynasty Treasure.

If an offer becomes or be considered unconditional, then the offer has to be open to acceptance until at the very least fourteen days. In this case, the deadline for accepting the offer will be extended until 5.30pm on the 19th of January starting on January 5.

The Tangs first announced their plan to purchase more shares of Chip Eng Seng that they did not already have on November 24.

If they earn over 90% from the shareholdings of the company, they’ll take advantage of their right to buy the remaining shares and then delist the company.

If they earn over 90% percent of shares of the company, they can take advantage of their right to buy the shares remaining and delist the company.