Otto Marine awaiting formal takeover bid

Otto Marine awaiting formal takeover bid

Following last week’s reports that Otto Marine, a Singapore-based provider of offshore vessels for the oil and gas industry, was a target for a potential takeover, the company is yet to receive a formal offer.

To remind, Otto Marine was last week approached by RHB Securities Singapore Pte Ltd (RHB), the financial adviser to the potential offeror, in connection with a potential transaction.

In a statement on Monday, Otto Marine said that on Friday, June 3, RHB Securities Singapore Pte Ltd (RHB, asked the company’s the board to maintain the trading halt until June 6, 2016.

Otto Marine acceded to the request, but told RHB that if no formal proposal is received by 5pm on June 6, 2016, the company will proceed to lift the trading halt on its shares at the start of trading on June 7.

“As at the time of making this announcement, no formal proposal has been received,” Otto said on Monday morning.

Offshore Energy Today Staff

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