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Star Engineering looks set to contest Spindex founding family in takeover quest

Update

Star Engineering looks set to contest Spindex founding family in takeover quest

PC Lee Published on Mon, Mar 06, 2017 / 7:02 AM GMT+8

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SINGAPORE (March 6): A new bidder looks set to enter the battle to take control of Spindex Industries, challenging the founding family for control over the homegrown manufacturer of precision machined parts and assemblies.

This comes after Hong Wei Holdings, the takeover vehicle controlled by Spindex’s founding Tan family, announced in a filing on Friday night that it is making a mandatory general offer of 85 cents each for the rest of Spindex shares it does not own.

The mandatory general offer was triggered after Spindex chairman Tan Choo Pie earlier on Friday agreed to buy a 14.69% stake in Spindex at 85 cents each. This raised Hong Wei's stake in Spindex to 44.68%, which under SGX listing rules, requires Hong Wei to make a mandatory general offer for Spindex's remaining shares.

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Star Engineering looks set to contest Spindex founding family in takeover quest

Update

Star Engineering looks set to contest Spindex founding family in takeover quest

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Star Engineering looks set to contest Spindex founding family in takeover quest

Update

Star Engineering looks set to contest Spindex founding family in takeover quest

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