SINGAPORE (March 6): A new bidder looks set to enter the battle to take control of Spindex Industries, challenging the founding family for control over the homegrown manufacturer of precision machined parts and assemblies.

This comes after Hong Wei Holdings, the takeover vehicle controlled by Spindex’s founding Tan family, announced in a filing on Friday night that it is making a mandatory general offer of 85 cents each for the rest of Spindex shares it does not own.

The mandatory general offer was triggered after Spindex chairman Tan Choo Pie earlier on Friday agreed to buy a 14.69% stake in Spindex at 85 cents each. This raised Hong Wei's stake in Spindex to 44.68%, which under SGX listing rules, requires Hong Wei to make a mandatory general offer for Spindex's remaining shares.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook