So far, analysts covering the counter have asked shareholders to wait for a final offer. The sentiment is shared by the estate of Dyna-Mac’s founding shareholder, the late Desmond Lim Tze Jong. The estate said that Hanwha’s offer is not compelling and “does not adequately reflect” Dyna-Mac’s value and growth potential after its transformation into a global multi-disciplinary contractor.
Hanwha Group issued a statement on Sept 25 to explain its rationale behind its offer price for Dyna-Mac.
The group, which is the substantial shareholder of Dyna-Mac, made a tender offer of 60 cents per share for the shares it does not own in the Mainboard-listed company on Sept 11.
