Thursday, August 23, 2012
Hanwell/Intraco: Hanwell has accepted tycoon Oei Hong Leong's $20.6m offer for its stake in Intraco and is working towards finalising the sale-and-purchase agreement. This came a day after Mr Oei set a deadline for the deal, saying he will withdraw his 70 cent-a-share offer if an agreement was not inked by 5pm next Tue. Transaction will be conditional upon approval from Hanwell's shareholders at an egm (if required), and has to be completed by no later than 5pm on Oct17. Hanwell is Intraco's controlling shareholder with a stake of 29.89%. Both parties are negotiating and finalising the sale-and-purchase agreement. Hanwell's latest move may mark the beginning of the end of a bidding war for its Intraco stake. Mr Oei's latest offer is the highest on the table, and he has said he will make a general offer for the remaining Intraco shares he does not own, if the deal with Hanwell goes through.