It added that Dyna-Mac’s shares traded at a high of 67.5 cents after the offer was announced on Sept 11, although the closing prices between then and Oct 15 (the latest practicable date) were below the final offer price. The final offer price is also within the range of the estimated value of Dyna-Mac’s shares of 66 cents and 80 cents.
Dyna-Mac’s independent financial advisor (IFA), ZICO Capital, has deemed Hanwha’s latest offer of 67 cents per share to be “fair and reasonable”. As such, it recommends the company’s shareholders to “accept” the offer.
In its letter, ZICO notes that Hanwha Group’s final offer price represents a premia ranging between 18.58% to 67.50% over Dyna-Mac’s respective volume weighted average prices (VWAPs) of the shares traded for the 12-, six-, three- and one-month periods before and including the last trading day, Sept 10, before the offer was made.
