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Offeree circular for offer despatched to shareholders: Hupsteel

THE offeree circular relating to the founding Lim family's voluntary conditional cash offer for Hupsteel has been despatched to shareholders, the steel trader said on Friday.

The circular contains the advice of the independent financial adviser Asian Corporate Advisors, as well as the recommendation of the independent directors.

In June, the Lim family launched a voluntary conditional cash offer of S$1.20 per share to delist the company from the mainboard of the Singapore Exchange. The offeror, Hercules, is a bid vehicle for the consortium members.

The offer price, which is final, represents a premium of 51.9 per cent over the last transacted price of S$0.79 on June 27, being the last full market day immediately prior to the offer announcement. 

The counter closed at S$1.18 on Friday, down one cent.

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