The estate of founder Desmond Lim, Dyna-Mac's single largest shareholder, did not find Hanwha's initial offer of 60 cents per share on Oct 10 compelling as it did not adequately reflect the company's value and growth potential.
On Oct 15, Hanwha Group increased its bid to 67 cents per share for the remaining stake in Dyna-Mac.
The sweetened takeover offer reflected a 35.4 per cent premium over Dyna-Mac's last traded price on Sept 10, before Hanwha's initial proposal.
Mr Lim's estate holds a 30.7 per cent stake in Dyna-Mac while Hanwha's subsidiaries, Hanwha Aerospace and Hanwha Ocean, collectively own about 25 per cent, LSEG data showed.
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TACKLE PLASTIC WASTE, ONE NAIL AT A TIME
Before global leaders take the problem of plastic pollution into their hands in November, Japanese manicurist Naomi Arimoto is putting it on her fingernails.
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Jung Ho-yeon and Lee Dong-hwi split
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Artist Julie Mehretu opens solo Show in Sydney
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Wicked's renowned costume designer returns to Oz
Tony Award-winning designer Paul Tazewell first created costumes for The Wizard Of Oz in a high-school production
ULTIMATE SELF-CARE
'Tis the season to treat yourself at spas and salons, which have introduced a slew of treatments for head-to-toe pampering
Fifa using $67m legacy fund for social initiatives
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THE MARATHON BIKER GUY
Veteran Aussie has cycled over 50 courses in 12 years to ensure the route is 42.195km
Emery upbeat despite late drama against Juve
DIFFERENT PERSPECTIVE
