The group added that it will exercise its rights to delegate its obligations under the SPA to a wholly-owned subsidiary to be incorporated. The wholly-owned subsidiary, China Rubber Investment Group Company Limited, will then be the entity undertaking the mandatory general offer (MGO) of Halcyon Agri.
China Hainan Rubber, on Nov 17, 2022, made a cash offer to acquire 574.2 million shares in Halcyon Agri for a total cash consideration of US$180.9 million ($247.8 million) or 44 cents per share.
As the share acquisition will see China Hainan Rubber holding more than 30% of the shares in Halcyon Agri, it will subsequently make a mandatory conditional cash offer for all the remaining shares it does not own in the latter.
Shares in Halcyon Agri closed 0.5 cent higher or 1.28% up at 39.5 cents on Jan 4.
