THE mandatory offer for Hwa Hong Corporation by Sanjuro United has closed on Monday (Aug 1), with the offeror crossing the threshold required to exercise its rights of compulsory acquisition.
Hwa Hong’s filing to the bourse noted that the total number of shares owned, controlled or agreed to be acquired by the offeror and its concert parties and valid acceptances of the offer amounted to around 92.3 per cent of the total number of Hwa Hong shares at the close of the offer on Monday.
As the offeror has over 90 per cent of the total number of shares of the company, it is entitled to and will be exercising its rights to compulsorily acquire all shares of dissenting shareholders at a price equal to the final offer price of S$0.40 per share.
Sanjuro is a consortium that made a mandatory offer for Hwa Hong, with the intention of privatising the company.
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