South Korean conglomerate Hanwha plans to exercise its right of compulsory acquisition for the remaining shares in Dyna-Mac it does not yet own.
This after Hanwha has secured a total of 92.22% of Dyna-Mac shares as at Nov 19.
Under local bourse rules, an offeror can exercise the compulsory acquisition option if its stake crosses 90%.
Hanwha first acquired a foothold in Dyna-Mac by taking over a stake previously held by longtime shareholder Keppel.
It then won over the estate of Dyna-Mac's late founder Desmond Lim with an improved offer price of 67 cents from 60 cents previously.
Further acquisitions from the open market helped bring Hanwha's total interests to the current level.
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Upon taking over the remaining shares, Hanwha plans to delist Dyna-Mac, which last traded at 66.5 cents, up 129% year to date.
See also:
- Hanwha Group makes tender offer of 60 cents per share for Dyna-Mac (update)
- ZICO Capital appointed as IFA for Dyna-Mac's offer
- Estate of Dyna-Mac’s founding shareholder does not find Hanwha’s cash offer compelling
- Hanwha Group explains rationale behind Dyna-Mac’s offer price
- Standoff as Hanwha keeps 60 cents offer price for Dyna-Mac in offer document
- Estate of Dyna-Mac’s founding shareholder issues follow-up statement after offer document
- Hanwha Group announces ‘final offer’ of 67 cents for Dyna-Mac (update)
- Dyna-Mac’s IFA deems offer to be ‘fair and reasonable’
- Estate of Dyna-Mac’s founding shareholder to accept Hanwha’s offer
- Hanwha Group's offer for Dyna-Mac turns unconditional with acceptances; offer to remain open till Nov 20
- CCCS clears proposed acquisition of Dyna-Mac by Hanwha Ocean
- Hanwha to exercise compulsory acquisition rights after stake in Dyna-Mac crosses 90%
