Hanwha Group, a South Korean conglomerate, increased its offer to S$790.6m ($599.44m) on Tuesday. The largest shareholder in Singapore's Dyna-Mac will now tender his entire stake following the increase.

Hanwha did not find the initial offer, S$0.60 a share, made by Dyna-Mac on 10 October compelling. It did not reflect Dyna-Mac's growth potential and value.

Hanwha Group raised its offer to S$0.67 for each share on Oct. 15.

The sweetened offer represented a premium of 35.4% over Dyna-Mac’s last traded price, which was on September 10, before Hanwha’s initial proposal.

LSEG data shows that Lim's estate owns a 30.7% share in Dyna-Mac while Hanwha subsidiaries Hanwha Aerospace, and Hanwha Ocean, collectively hold about 25%.

Hanwha would gain access to Dyna-Mac's oil and gas production facilities in Singapore as well as the company’s floating production, storage and offloading vessels (FPSO). ($1 = 1.3189 Singapore dollars)

(source: Reuters)