Hwa Hong's board says it has not received a firm competing offer

Hwa Hong has announced that there is no firm competing offer for the company

Hwa Hong Corporation's board of directors announced on July 25 that it "has not received any notification of a firm intention to make any offer from any Potential Competing Offeror. In particular, the Company has received confirmations from each of the Potential Competing Offerors that they do not intend to make an offer for the Company."

The Hwa Hong announcement adds: "Where a person makes an announcement that he does not intend to make an offer for a company, he will be restricted from announcing or making any offer for the company for a period of 6 months from the date of the announcement that he does not intend to make an offer for the company. If that person changes his mind and wants to make an offer within the 6-month period, he must seek Council's approval, which will normally not be granted unless there is good reason."

Sanjuro United, a consortium of four parties has a confirmed offer of 40 cents for the shares of Hwa Hong it does not own and the offer closes on Aug 1.

More details about the offer can be read here.

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