Shareholders of home-grown offshore platform builder Dyna-Mac Holdings must soon decide if they want to accept an offer by a South Korean energy conglomerate to buy some of their shares.
Hanwha Group's aim is to acquire a big enough stake to give it management control of the company, but keep it listed on the Singapore Exchange (SGX).
Its offer is conditional upon a favourable antitrust decision from the Competition and Consumer Commission of Singapore.
It must also get more than 50 per cent of the shares in Dyna-Mac, which includes the 25.4 per cent stake it had already owned. As at Oct 23, that stake has increased to 29.5 per cent.
However, if Dyna-Mac's free float is lost, or an insufficient number of shares are left in public hands as a result of the offer, Hanwha is prepared to launch a mandatory offer to acquire all the remaining shares in Dyna-Mac and take it private.
This is because listing rules require SGX companies to ensure a free float of at least 10 per cent at all times, failing which trading of its shares will be suspended.
Shareholders have until 5.30pm on Nov 6 to decide if they want to sell their shares to Hanwha for 67 cents each.
The price tag was revised higher after its single largest shareholder, the estate of late founder Desmond Lim Tze Jong, said Hanwha's original offer of 60 cents on Sept 11 is not compelling and does not adequately reflect the company's value and growth potential.
Hanwha upped its offer to 67 cents on Oct 15, and added that the price is final.
This story is from the October 29, 2024 edition of The Straits Times.
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This story is from the October 29, 2024 edition of The Straits Times.
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