Sanjuro United, a consortium comprising four entities have made a 40 cents offer per share for Hwa Hong on June 7, which was 8.11% better than the original 37 cents offer. On June 22, a circular with the voluntary general offer of 40 cents was sent to shareholders. On June 8, Hwa Hong announced that Sanjuro's offer is a mandatory general offer (MGO) as acceptances and purchases from the market coupled with Sanjuro’s stake crossed 30%.
On July 19, Hwa Hong Corp has clarified three main points made by The Edge Singapore in our story Hwa Hong’s IFA says competing offer should consider higher fees.
In it, we said SIC required that each potential competing offer must announce a firm intention to make an offer by 5.00 p.m on July 25. The July 19 Hwa Hong announcement adds that each competing offeror must announce a firm intention to make on offer for the company or confirm to the board that they do not intend to make an offer by 5.00 p.m on July 25.
