Further clarification on 98 Holdings offer to NatSteel
Besides the Crown Central Assets bid, Singaporean mill NatSteel informed its shareholders of another higher bid received from 98 Holdings, earlier this week.
98 Holdings is a newly established company founded by a group of investors including
Singapore investment company Temasek Holding and Standard Chartered Bank.
As a result of the clarifications made by the bidder 98 Holdings, it is understood that the conditions call for no litigation or arbitration or legal proceedings that could have an adverse effect on the group to take place from June 30, 2002 prior to the close of the offer and the operating profit of the company and its subsidiaries not to be decreased by S$8'096'500 or more.
NatSteel board explains it welcomes any offer that raises shareholder value, however in the meantime keeps on discussing the conditions of 98 Holdings offer for further clarification. The board will hold an extraordinary general meeting with the shareholders in order to determine which offer to go for.