Two months ago, I had blogged that I would not accept fully Capitaland's privatisation offer for CapitaMallsAsia (CMA). I wanted to have a taste of being a shareholder in an unlisted company. Unfortunately, Capitaland managed to acquire enough shares to compulsorily acquire all the shares, even from dissenting shareholders like myself. How was the compulsory acquisition carried out?

After the close of the privatisation offer on 9 Jun 2014 when Capitaland announced that it had acquired sufficient shares to exercise its rights to compulsorily acquire all the shares, Capitaland sent a letter on 16 Jun 2014 informing all remaining shareholders of its intention and the rights of minority shareholders. In an unlisted company, the minority shareholders can be categorised into 2 groups, namely, dissenting shareholders who refuse to sell their shares to the acquirer and non-assenting shareholders who want to sell their shares to the acquirer now that the company ...