Sanjuro, the consortium formed by Hwa Hong Corporation’s substantial shareholders, has raised its offer price to 40 cents per offer share.
The consortium was formed to acquire the remaining shares from Hwa Hong’s minority shareholders.
The new price is an 8.11% increase over the initial offer price of 37 cents per share. It also exceeds all the previous closing prices of the shares in the nine-year period up to and including May 12.
The offer remains the only offer available to shareholders and remains conditional.
The offer price is said to be final, with the exception of a “competitive situation”.
The revised offer is said to be a “more compelling exit opportunity” for shareholders to realise their investment in the company.
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OCBC Bank was appointed as the sole financial adviser.
Shares in Hwa Hong closed flat at 39 cents on June 6.