RDC Properties has officially terminated its offer to acquire PrimeTime Property Holdings after failing to secure the minimum required support from PrimeTime unitholders.
In a notice issued on 5 August, RDC confirmed that it had not received acceptances for at least 44% of PrimeTime’s linked units by the offer’s initial closing date of 1 August 2025 — a key condition for proceeding with the transaction. As a result, “the offer is terminated and will not be implemented,” the company stated.
The withdrawal marks the end of a high-stakes corporate standoff that spanned several months. RDC had proposed a share-swap deal that would see PrimeTime investors receive 0.6875 RDC units for every PrimeTime unit held. But the offer faced fierce opposition from PrimeTime’s board, which labelled it “materially unfair and unreasonable,” citing deep value dilution and overvaluation of RDC’s assets.
The deal became increasingly contentious, with both parties issuing detailed circulars and rebuttals, and RDC ultimately defending the integrity of its offer and corporate governance practices.
Despite RDC’s efforts to address concerns and clarify the rationale behind the deal — including its proposed bonus share issue — PrimeTime unitholders largely stood with their board.
With the bid now officially abandoned, PrimeTime retains its independence, and RDC turns the page on a failed acquisition attempt.