THE offeror of Dyna-Mac, Hanwha Ocean SG, will make a compulsory acquisition of the company’s shares, it said on Wednesday (Nov 20) morning.
As at 6 pm on Tuesday, the offeror and its concert parties owned, controlled, or agreed to acquire a total of about 1.2 billion shares.
This represents around 92.2 per cent of the total number of Dyna-Mac’s issued shares.
In September, Hanwha launched a voluntary conditional cash offer to take management control of Dyna-Mac at an offer price of S$0.60 per share. This was raised in October to a final offer price of S$0.67 apiece.
Hanwha’s offer turned unconditional in all respects on Nov 15.
As more than 90 per cent of Dyna-Mac’s shares have been or will be acquired, it no longer satisfies the Singapore Exchange’s free-float requirement, which requires companies to have a minimum of 10 per cent of their shares held in public hands.
This means that Hanwha can take the offshore oil and gas contractor private and compulsorily acquire all of Dyna-Mac’s shares, which it intends to do.
The offer will remain open for acceptance until 5.30 pm on Wednesday, after which acceptances will be rejected.
Shares of Dyna-Mac closed flat on Tuesday at S$0.665.
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