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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Annabeth Leow
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
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