French container shipping group CMA CGM bought an additional 2.4 million shares in takeover target Neptune Orient Lines (NOL) from the open market on Thursday at $1.235 and $1.24 per share, says a report in the Business Times.
Following the latest transaction, the Marseille-based company now owns 2.32% of its takeover target, NOL.
Since CMA CGM announced its takeover plans in December 2015 the latest open market purchases were at a level below the SGD1.30 per it has offered for the Singapore company.
The French liner giant has made several open-market purchases of NOL's shares since December 2015 when it launched a pre-conditional voluntary general offer for all shares in the Singapore-listed liner.
The takeover is not expected to be completed till the second half of 2016 so some shareholders are opting to sell at below the offer price rather than hang on the shares for six months or longer.