China Merchants Huajian Highway Investment Co.,Ltd made an offer to acquire remaining 24.12% stake in China Merchants Holdings (Pacific) Limited from Jiang Yan Fei and other shareholders for approximately SGD 470 million in cash on May 9, 2016. China Merchants Huajian Highway Investment Co.,Ltd will acquire 432.9 million shares at an offer per share of SGD 1.02. China Merchants Huajian Highway Investment Co.,Ltd already owns 1.4 billion shares of China Merchants Holdings (Pacific) Limited. China Merchants will pay SGD 31.9 million for convertible. Dissenting shareholders will have a right to require China Merchants Huajian to acquire their shares at the offer price. DBS Bank confirmed that sufficient financial resources are available to China Merchants Huajian to satisfy full acceptance of the offer on the basis of the offer price and full acceptances of the convertible bonds offer on the basis of the convertible bonds offer price. China Merchants Holdings will be de listed after completion of the transaction. The offer will be conditional upon China Merchants Huajian Highway Investment Co.,Ltd holding not less than 90% of the shares as at the close of the offer. In the event that China Merchants Huajian Highway Investment Co.,Ltd acquires not less than 90% of the total shares, China Merchants Huajian Highway Investment will be entitled to compulsorily acquire all the shares of the shareholders who have not accepted the offer. China Merchants Huajian Highway Investment Co.,Ltd does not intend to maintain the present listing status of China Merchants Holdings (Pacific) Limited. A circular containing the advice and the recommendations of the Independent Directors will be sent to shareholders within 14 days from the date of the offer document. The independent directors of China Merchants Holdings recommended the shareholders to approve the deal. The offer will close on June 27, 2016. As on June 22, 2016, The offer became unconditional. The offer is open for acceptances till July 1, 2016. As of July 4, 2016, China Merchants Huajian Highway Investment Co.,Ltd owns 97.79% stake in China Merchants Holdings (Pacific) Limited and will exercise its right of compulsory acquisition in due course. The deal is expected to close on July 11, 2016. DBS Bank acted as financial adviser to China Merchants Huajian Highway Investment Co.,Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. acted as the registrar for China Merchants Huajian Highway Investment. CIMB Bank Berhad, Singapore Branch acted as independent financial advisor to the independent directors of China Merchants Holdings. Andrew Ang and Audrey Chng of WongPartnership acted as legal advisor to Easton parent of China Merchants. China Merchants Huajian Highway Investment Co.,Ltd completed the acquisition of 18.55% stake in China Merchants Holdings (Pacific) Limited from Jiang Yan Fei and other shareholders on July 11, 2016.