The conditional voluntary cash offer made by Hanwha Ocean SG Holdings to acquire all of the shares of Dyna-Mac has been declared unconditional in all respects, following the satisfaction of the merger control condition.

In a stock exchange filing on Friday (Nov 15), UOB, for and on behalf of Hanwha, said the bidder had received a letter from the Competition and Consumer Commission of Singapore (CCCS) with the assessment of the competition regulator according to which the proposed acquisition of Dyna by the offeror -Mac would not infringe article 54 of the Competition Act, if it were brought into force.

The offer had previously become unconditional on November 5 as to acceptances.

Hanwha, part of South Korea’s Hanwha Ocean, had then received valid acceptances for more than 554 million shares for its offering at S$0.67 per Dyna-Mac share, representing approximately 44.45 percent of the total number of shares issued in the company.

But the offer remained subject to the satisfaction of the merger control condition, which requires that the offer be conditional on the competition regulator having rendered a favorable decision, in terms satisfactory to the offeror, during its preliminary assessment.

This would be in line with the CCCS guidelines on merger procedures that the proposed acquisition of the company by the bidder will not contravene the provisions of Section 54 of the Competition Act 2004 of Singapore.

As of 6 p.m. Friday, the Offeror and its partners owned, controlled or agreed to acquire – including by valid acceptances of the Offer – a total of 1,055,330,396 Dyna-Mac Shares. This represents approximately 84.67 percent of the total number of issued shares in the company.

The offer will remain open for acceptance until 5:30 p.m. on November 20.

Shares of Dyna-Mac closed at S$0.665 on Friday.