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Photo = Hanwha Investment & Securities |
[Alpha Biz= Reporter Kim Jisun] On October 14, Hanwha Group announced that it would raise the tender offer price for shares of Singapore-based floating marine equipment manufacturer Dynamac Holdings to 0.67 Singapore dollars per share.
Previously, Hanwha Aerospace and Hanwha Ocean had launched a tender offer through a Singaporean special purpose company (SPC) on September 11, offering 0.60 Singapore dollars per share for Dynamac's shares.
To ensure a smooth acquisition process and secure management control, Hanwha decided to raise the offer price by an additional 0.07 Singapore dollars just one month after the initial offer, also stating that there will be no further price increases.
The new price represents an 11.7% increase from the initial offer and a 35.4% premium over the closing price of 0.495 Singapore dollars prior to the tender offer announcement.
For the tender offer to succeed, Hanwha needs to acquire more than 50% of Dynamac’s shares and obtain approval from Singapore's competition authorities. As of now, Hanwha Aerospace and Hanwha Ocean have invested 115.8 billion won (approximately $86.3 million) to secure a 24% stake in Dynamac.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
