Photon
Group announced yesterday its intentions to takeover DBS and made an
offer of 30 cents a share for 50.1% of the company. Photon currently
has a 30.55% interest and Huon Capital have already indicated that they
will accept the offer for their 14.25%. This means that after 2 years
Photon just needs 5.3% more of the shares to finally secure Dark Blue
Sea.
The offer of 30 cents per share is at a premium of 56% over the current market price. It will be interesting to see if this is able to shake enough shareholders out of DBS for them to complete the takeover. Given how tight the DBS shareholding has been held over the years my guess is that Photon will be a little short and that the 30 cents was what Huon Capital would accept.
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