The offer made by Hanwha Group for the shares it does not own in Dyna-Mac has been declared unconditional as to the number of acceptances.
The offer, when made on Sept 11, had a minimum acceptance condition, where Hanwha Group had to hold more than 50% of the shares in issue as at the close of the offer. The offer was to close at 5.30pm on Nov 6.
As at 6pm on Nov 4, the Korean conglomerate received valid acceptances of 554,004,556 shares in the Mainboard-listed company, representing a stake of 44.45%. From the offer announcement date, Sept 11, and up to the end of the trading day on Nov 4, Hanwha acquired a total of 84,847,300 shares from the open market representing a 6.81% stake in Dyna-Mac. Including its 22.69% stake that it already owned before the offer, the Korean group now owns a total of 638,851,856 shares in Dyna-Mac, representing a 51.25% stake or approximately 50.94% of the latter’s maximum potential issued share capital.
With this, the offer has become unconditional with regard to the number of acceptances. It will remain open for acceptances for 14 more days from its original closing date. Accordingly, shareholders may now issue their acceptances till 5.30pm on Nov 20 from Nov 6 previously.
However, the offer still remains conditional upon a “favourable decision” by the Competition and Consumer Commission of Singapore (CCCS) during its preliminary assessment under the CCCS guidelines on merger procedures and in terms deemed satisfactory to Hanwha Group.
Shares in Dyna-Mac closed 1 cent lower or 1.50% down at 65.5 cents on Nov 4.
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
- CCCS clears proposed acquisition of Dyna-Mac by Hanwha Ocean
- Hanwha to exercise compulsory acquisition rights after stake in Dyna-Mac crosses 90%
