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mb-4"><div class="flex flex-wrap items-center pb-2 md:px-6 md:pb-4"><div class="font-base font-light uppercase font-poppins text-4xs tracking-[1px] text-gray-650" data-testid="article-kicker-component">HOCK LOCK SIEW</div><div class="ml-3 mr-2 font-poppins text-2xl font-light leading-normal tracking-[0.075rem] text-gray-650" data-testid="kicker-subscriber-label-separator">·</div><div class="font-base font-light font-poppins text-4xs tracking-[1px] text-gray-650"><span class="ml-1">SUBSCRIBERS</span></div></div><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Hanwha’s offer for Dyna-Mac shouldn’t be compared to past non-privatisation deals</h1><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex flex-row items-start justify-start gap-2" data-testid="byline-component"><div class="flex flex-shrink-0 flex-row items-center justify-start"><img class="rounded-full" src="https://cassette.sphdigital.com.sg/image/businesstimes/bcd681af6ec3a313072df361f208c7398f84abff2768abeca426235bd338f132" alt="Ben Paul" width="50" height="50"/></div><div class="flex flex-col flex-wrap pl-2"><div class="flex flex-wrap gap-x-1.5"><h4 class="align-middle font-poppins font-semibold text-gray-850 word-break text-base" data-testid="byline-name-component"><a class="!text-gray-850 hover:underline" href="/authors/ben-paul" target="_blank">Ben Paul<!-- --> </a></h4></div><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Fri, Nov 1, 2024 · 05:00 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block 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font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Boards and investors should scrutinise the work of IFAs, and push them to justify their views and recommendations. ILLUSTRATION: PIXABAY</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative [&>*:last-child]:relative [&>*:last-child]:after:absolute [&>*:last-child]:after:inset-0 [&>*:last-child]:after:bg-gradient-to-t [&>*:last-child]:after:from-white [&>*:last-child]:after:to-transparent mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">THERE have been two important developments since Hanwha Ocean SG’s offer for Dyna-Mac was spotlighted by <a href="https://www.businesstimes.com.sg/opinion-features/hanwha-shouldnt-need-majority-interest-dyna-mac-drive-long-term-shareholder-value" target="_blank" rel="noopener noreferrer nofollow">this column</a> three weeks ago.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">On Oct 14, the offeror – a special-purpose vehicle controlled by Hanwha Ocean and Hanwha Aerospace – <a href="https://www.businesstimes.com.sg/companies-markets/hanwha-ups-dyna-mac-takeover-offer-final-price-s0-67-share" target="_blank" rel="noopener noreferrer nofollow">increased the offer price</a> from S$0.60 per share to S$0.67 per share. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The offeror said that this new offer price exceeds all closing prices for Dyna-Mac for the last 10 years, and that there would be no further revisions.</p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Copyright The Business Times. 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