Hanwha’s voluntary conditional cash offer for Dyna-Mac turns unconditional in all respects

This comes after the Competition and Consumer Commission of Singapore gives go ahead

THE voluntary conditional cash offer made by Hanwha Ocean SG Holdings to acquire all the shares of Dyna-Mac has been declared unconditional in all respects, following the satisfaction of the merger control condition.

In a bourse filing on Friday (Nov 15), UOB, for and on behalf of Hanwha, said that the offeror received a letter from the Competition and Consumer Commission of Singapore (CCCS) with the competition regulator’s assessment that the offerer’s proposed acquisition of Dyna-Mac would not infringe Section 54 of the Competition Act, if carried into effect.

The offer had previously turned unconditional on Nov 5 as to acceptances.

Hanwha, part of South Korea’s Hanwha Ocean, had then received valid acceptances for more than 554 million shares for its offer at S$0.67 per Dyna-Mac share, representing about 44.45 per cent of the total number of issued shares in the company.

But the offer remained subject to the satisfaction of the merger control condition, which refers to the offer being conditional upon the competition regulator having issued a favourable decision, in terms satisfactory to the offeror, during its preliminary assessment.

This would be in accordance with CCCS guidelines on merger procedures that the proposed acquisition of the company by the offeror will not infringe the provisions under Section 54 of the Competition Act 2004 of Singapore.

As at 6 pm on Friday, the offeror and its concert parties owned, controlled or have agreed to acquire – including by way of valid acceptances of the offer – an aggregate of 1,055,330,396 Dyna-Mac shares. This represents approximately 84.67 per cent of the total number of issued shares in the company.

The offer will remain open for acceptance until 5.30 pm on Nov 20.

Shares of Dyna-Mac closed flat at S$0.665 on Friday.

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