2 weeks Ago By The Straits Times
Dyna-Mac specialises in building structures for complex offshore vessels used in the production, storage and transportation of fuels. SINGAPORE - Hanwha Ocean SG’s voluntary conditional cash offer for Dyna-Mac was declared unconditional as to acceptances on Nov 5, resulting in an extension of the closing date to 5.30pm on Nov 20 from the earlier Nov 6 deadline.
This comes after Hanwha received valid acceptances to over 554 million shares for its offer at 67 cents per Dyna-Mac share, representing about 44.45 per cent of the total number of issued shares in the company. It includes 282.
9 million shares tendered in acceptance by the offeror’s controlling parties Hanwha Aerospace and Hanwha Ocean, which had collectively owned 22.69 per cent of total issued shares in the company as at the offer date on Sept 11. Some 84.
8 million shares or 6.81 per cent of total issued shares in Dyna-Mac had been accepted as at 6pm on Nov 4. This brings the offeror and its concert parties’ stake in the company to 51.
25 per cent of total issued shares and about 50.94 per cent of its maximum potential issued share capital, thus fulfilling the deal’s minimum acceptance condition. The offer however remains conditional upon a merger control condition that requires the Competition and Consumer Commission of Singapore issuing a favourable decision during its preliminary assessment of the acquisition.
Dyna-Mac specialises in building topside structures for complex offshore vessels used in the production, storage and transportation of fuels like oil and liquefied natural gas. According to research, this market is expected to grow by 12.5 per cent a year for the next eight years.
Shares of Dyna-mac were trading 1.5 per cent higher at 66.5 cents as at 9.
24am on Nov 5, after the news. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel now.
