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Dyna-Mac founder accepts Hanwha's revised buyout offer
The Straits Times
|November 06, 2024
The largest shareholder of Dyna-Mac said on Nov 5 it will tender its entire stake in the Singapore-listed company, following South Korean conglomerate Hanwha Group's increased takeover offer of $790.6 million.
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The estate of founder Desmond Lim, Dyna-Mac's single largest shareholder, did not find Hanwha's initial offer of 60 cents per share on Oct 10 compelling as it did not adequately reflect the company's value and growth potential.
On Oct 15, Hanwha Group increased its bid to 67 cents per share for the remaining stake in Dyna-Mac.
The sweetened takeover offer reflected a 35.4 per cent premium over Dyna-Mac's last traded price on Sept 10, before Hanwha's initial proposal.
Mr Lim's estate holds a 30.7 per cent stake in Dyna-Mac while Hanwha's subsidiaries, Hanwha Aerospace and Hanwha Ocean, collectively own about 25 per cent, LSEG data showed.
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