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SHARES of logistics group CWT surged on Monday morning following an offer by Hong Kong-listed HNA Holding Group to buy the firm for just under S$1.4 billion.
The stock opened at S$2.26 and reached as high as S$2.28 in the early-morning trade.
At 9.37am, it was trading at S$2.27, up 9.7 per cent from its previous close; with almost 16 million shares having changed hands, it was one of the most active counters on Singapore Exchange (SGX).
The counter last traded at S$2.07 on April 6 before a trading halt was put in place.
HNA on Sunday evening announced a pre-conditional voluntary general cash offer at S$2.33 a share for all issued and paid-up ordinary shares in CWT.
CWT shareholders representing 65.13 per cent of the total number of issued shares in the Singapore-listed entity have extended irrevocable written undertakings to HNA.
These include shares held by C&P Holdings and members of the founding families of Loi, Lim and Liao, behind CWT.
HNA said it wants to reserve the right to delist CWT from SGX once it receives acceptances from shareholders representing over 90 per cent of the issued shares in the company.