“The solicitation of competing offers, cannot remain unclarified, and shareholders should be given sufficient information, advice and time to enable them to reach an informed decision on the offer,” SIC told the board of Hwa Hong, according to a July 8 announcement.
On July 8, Hwa Hong Corp’s current directors were informed by the Securities Industry Council that the solicitation of alternative offers to the 40 cents offer by Sanjuro United by Evercore (Asia) “in particular the solicitation of competing offers, cannot remain unclarified, and that shareholders should be given sufficient information, advice and time to enable them to reach an informed decision on the offer.”
SIC has said it requires that each potential competing offer must announce a firm intention to make an offer by 5.00 p.m. on July 25, being the business day immediately following the 53rd day from the date of the offeror's despatch of its offer document.
