In today’s briefing:
- Hwa Hong’s Conditional Offer Amid Family Tussle
- Hwa Hong’s Voluntary Conditional Offer at S$0.370
Hwa Hong’s Conditional Offer Amid Family Tussle
- Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for Hwa Hong (HWAH SP).
- The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final.
- However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month.
Hwa Hong’s Voluntary Conditional Offer at S$0.370
- Hwa Hong Corp (HWAH SP) announced a voluntary conditional cash offer from Mr Ong Choo and partners at S$0.370 per share, a 27.6% premium to the last close.
- The offer is the culmination of a brewing family feud which pits Mr Ong Choo against the families of his five brothers.
- The offer price is a 9-year share price high. We estimate around 60% of the public float needs to accept the offer to meet the 50%+ minimum acceptance condition.
Before it’s here, it’s on Smartkarma
