SINGAPORE (Dec 8): OCBC is recommending minority shareholders to “accept the offer” of $1.30 per NOL share in cash from CMA CGM S.A.

“With NOL’s majority shareholders (Temasek and its affiliates), which holds 66.8% stake, having given an irrevocable undertaking to CMA CGM to tender all their shares in acceptance of the offer, we think the acceptance condition will almost certainly be met,” says lead analyst Eugene Chua in a Tuesday note.

Chua recalled when the Wall Street Journal first published on 16 Jul that Temasek is looking to sell its stake in NOL, which saw NOL’s share price jumped 7.4% on 20 Jul to close at $0.94.

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