Sanjuro United, a consortium comprising four parties, announced on Aug 1 after the market closed that it had - including concert parties, acceptances and acquisitions from the open market - received acceptances amounting to 92.29% for Hwa Hong Corp. The offer price of 40 cents represented a premium to book net asset value and a 20.8% discount to revalued net asset value (RNAV). Provenance Capital, the independent financial adviser said the offer was fair and reasonable.
"The Offeror has received valid acceptances pursuant to the Offer and has acquired Shares from the date of the Offer otherwise than through valid acceptances of the Offer for not less than 90% of the total number of Shares," says an OCBC Bank announcement on behalf of Sanjuro. "Accordingly, the Offeror is entitled to, and will in due course, exercise its rights of compulsory acquisition." The announcement added that Sanjuro does not plan to preserve Hwa Hong's listing status. As such, the current Ong directors announced their resignations.
Sanjuro announced an initial voluntary conditional offer for Hwa Hong back in May at 37 cents a share, and revised the offer price to 40 cents in June.
