Based on a Singapore Exchange filing, Hwa Hong Corp’s current directors have been informed by the Securities Industry Council that the solicitation by Evercore Asia of alternative offers to the 40 cents offer by Sanjuro United, “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 offeror must be announced 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.
The last day for accepting Sanjuro's offer is on Aug 1.
