Hanwha Group launches tender offer for Dyna-Mac shares at $0.60 apiece
This offer aims to secure management control of the company.
Hanwha Group announced a tender offer for the shares of Mainboard-listed Dyna-Mac Holdings for $0.60 per share.
The offer intends to secure management control of the company for Hanwha Aerospace and Hanwha Ocean.
The tender offer will be conducted through a local SPC (Special Purpose Company) in Singapore.
As of May, Hanwha Aerospace and Hanwha Ocean have already invested $113m (KRW116b) to secure a 25.4% stake in Dyna-Mac Holdings.
The companies will fund up to approximately $586m (KRW600b), assuming 100% ownership at the close of the offer.
The tender offer is conditional upon achieving a minimum acceptance condition of more than 50% of the shares in Dyna-Mac, (including all shares owned by the offeror and its concert parties.
The offer will also need to obtain a favorable anti-trust decision from the Competition and Consumer Commission of Singapore.
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