Hanwha Ocean SG Holdings’ Bold Move: Offer for Dyna-Mac Holdings Now Unconditional

United Overseas Bank Limited, on behalf of Hanwha Ocean SG Holdings Pte. Ltd., has announced that its voluntary conditional cash offer for Dyna-Mac Holdings Ltd. is now unconditional in all respects. This follows a favorable assessment from the Competition and Consumer Commission of Singapore (CCCS) that the proposed acquisition would not breach the Competition Act of 2004.

Key Points for Shareholders

• The offer has received valid acceptances for approximately 77.86% of Dyna-Mac’s issued shares, amounting to 970,483,096 shares.
• Hanwha Ocean and its concert parties have tendered 282,859,400 shares, representing 22.69% of the total issued shares.
• The offeror has also acquired an additional 84,847,300 shares from the open market, increasing its holdings to approximately 84.67% of Dyna-Mac’s total shares.

Implications for Shareholders

Should the offeror and its concert parties exceed 90% ownership of the total issued shares, trading of Dyna-Mac shares may be suspended by the SGX-ST. The company is required to maintain a public float of at least 10% to avoid such suspension, as per the Listing Manual’s Free Float Requirement.

Next Steps for Shareholders

Shareholders who have yet to accept the offer can do so by following the procedures outlined in the Offer Document. The deadline for acceptance is 5:30 p.m. Singapore time on 20 November 2024. CPFIS and SRS investors will receive further instructions from their respective banks.

If shareholders are uncertain about their actions, they are encouraged to consult their financial advisors promptly.

Disclaimer

The Directors have ensured the accuracy of the information in this announcement. Any extracted data is verified for accuracy. For further inquiries, shareholders can contact the UOB helpline.

View Dyna-Mac Historical chart here