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Delong CEO scraps takeover bid amid SIC probe into possible rule breach

Offeror says requirement to hike offer price to S$7.42 a share would exceed its ability to pay for buyout

Annabeth Leow

Published Thu, Oct 11, 2018 · 09:50 PM

Singapore

DELONG Holdings chief executive's bid to privatise the Chinese steelmaker has been called off, amid a probe by the Securities Industry Council (SIC) into any potential breach of Singapore's Take-over Code.

Ding Liguo, who is also the company's executive chairman, pulled his bid vehicle's S$7-a-share cash offer on Thursday, citing a requirement to hike the offer price to S$7.42 a share.

His bid vehicle said on Sept 27 that it planned to delist the company and turn it into a wholly owned subsidiary in the same line of business, should it get…

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