In today’s briefing:
- Hwa Hong’s Revised Voluntary Conditional Offer at S$0.40
- Hwa Hong Corp (HWAH SP): The Consortium Bumps And Declares Offer Final
Hwa Hong’s Revised Voluntary Conditional Offer at S$0.40
- Sanjuro United has increased its voluntary conditional cash offer for Hwa Hong Corp (HWAH SP) by 8.1% to S$0.40 per share. The offer may be revised in a competitive situation.
- The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.70% of outstanding shares.
- The shares are trading in line with the revised offer price. The brewing family feud for the control of Hwa Hong suggests a possibility of a counterbid.
Hwa Hong Corp (HWAH SP): The Consortium Bumps And Declares Offer Final
- On the 1 June, a consortium comprising Ong Choo Eng, his son Ong Eng Yaw, Roswell Assets, Dymon Asia, and Crytalic Star dispatched the Offer for Hwa Hong (HWAH SP).
- With shares trading through terms, there was no tendering. The consortium has now bumped the Offer to S$0.40 from S$0.37/share and declared the terms final.
- The revised Offer price is a 37.9% premium to last close and a 9-year high. The question is whether this is enough to settle Hwa Hong’s intergenerational shareholder squabble.
Before it’s here, it’s on Smartkarma
