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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

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Ding Liguo pulled his bid vehicle's S$7-a-share cash offer citing a requirement to hike the offer price to S$7.42.

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...

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