Hwa Hong Corporation Limited (formerly: Hwa Hong Manufacturing Company Ltd)

[pianist]

Just brief through the two finger thick IFA report, it recommends us to accept....
I was expecting to read more juicy details underpinned the discord or disputes, but nothing, like that considered well informed?
Wonder if the other camp would buy the IFA story and throw in the towel?

[ghchua]

Hi pianist,

Disputes between family members cannot be drag into commercial affairs. IFA role is to make recommendations based on the offer price. If your "well informed" decision is only reading the IFA letter, then you are only reading one side of the whole story.

Have you read the current Ong directors response to the offeror statements? They are on page 26 to page 30 of the document. In those pages, they have outlined their plans for the company (including a strategic review with a view to unlock shareholder value) should the offer be unsuccessful.

Page 32 also outlined potential of completing offer(s) to maximize shareholder value. Please go through this part also.

Note that the above views are from the Ong directors on the board. The only other non Ong director do not share their views though.

Read between the lines. It is quite obvious to me that the other family members are not accepting the offer, though the IFA had made their recommendation.

[mslee888]

Game over...Offeror garnered more than 90%. Next step compulsory acquisition, now under suspension. Once the rest of Ong family members accepted the takeover offer, its a lost cause for opmi...

[ghchua]

Game over...Offeror garnered more than 90%. Next step compulsory acquisition, now under suspension. Once the rest of Ong family members accepted the takeover offer, its a lost cause for opmi...

I guess it was not really a bad offer in the first place. It was deemed "fair and reasonable" by the IFA for the revised offer price.

Despite the best efforts of the Ong directors, they could not get a completing offer for the company. In order not to disrupt a "fair and reasonable" offer, I guess they have made a rational decision to accept the offer, thereby allowing it to go unconditional.