KUALA LUMPUR (Jan 8): Hovid managing director David Ho Sue San and private equity firm TAEL Two Partners Ltd — via its special purpose vehicle Fajar Astoria Sdn Bhd — have secured 94.94% of the pharmaceutical company’s shares at the close of their takeover offer today.

According to a bourse filing, the offerors held 784.07 million shares or 94.92% in Hovid as at the close of the offer and received acceptances for another 158,000 shares or 0.02% stake in the company on the final closing date.

The offer was launched on Oct 9, 2017, with the offerors looking to buy all the remaining shares they did not own at 38 sen per share in a bid to take the company private. At the time, the offerors’ stake stood at 33.72%.

The offer was initially open until Nov 20, 2017, before a series of deadline extensions from Dec 4 to Dec 7 and later Dec 29 the same year.

The acceptance threshold also saw three rounds of revisions, from the initial 90% to 75% and later to 67%.

On Dec 20, 2017, the takeover offer turned unconditional, as Ho and Fajar Astoria held in aggregate 68.2% of Hovid’s shares.

On Sept 14, 2018, the offerors called for the withdrawal of the group’s listing from the Main Market of Bursa Malaysia, which was approved by the exchange on Dec 3.