Intraco Limited (SGX:I06) made a mandatory offer to acquire remaining 60.5% stake in Dynamic Colours Limited (SGX:D6U) for SGD 23.5 million in cash on May 3, 2013. Intraco offered to acquire the remaining shares for SGD 0.185 per share. The transaction will be funded by way of internal cash resources of Intraco. As on May 2, 2013, Intraco acquired an additional 20.1 million shares of Dynamic Colours through on-market transactions. The offer, when made, will be conditional upon Intraco having received, by the close of the offer, valid acceptances in respect of such number of offer shares, which when taken together with Dynamic Colours shares owned, controlled or agreed to be acquired by Intraco will result in the Intraco holding such number of shares of Dynamic Colours, carrying more than 50%. The offer will be unconditional.

The offer document will be dispatched to the shareholders of Dynamic Colours not earlier than 14 days and not later than 21 days from the date of announcement. Intraco intends to keep the offer open for acceptances by shareholders of Dynamic Colours for a period of at least 28 days from the date of posting of the offer document. The transaction is subject to approval of shareholders of Intraco Limited unless waiver approval by Singapore Stock Exchange. The SGX granted waiver on the offer on conditions of the unanimous approval of the Directors of Intraco for the transaction, submission of a written undertaking from Intraco that it will seek its shareholders' ratification of the offer at an extraordinary general meeting as soon as practicable, and submission of a written irrevocable undertaking by the major shareholders holding about 58.3% of the issued share capital of Intraco to vote in favor of the resolution to ratify the offer at the extraordinary general meeting to be convened. As on May 21, 2013, the shares can be tendered to June 18, 2013. Intraco does not intend to exercise the right of compulsory acquisition. As of June 4, 2013, the Board of Dynamic Colours and DMG & Partners Securities recommend the shareholders who have long term prospects in Dynamic to reject the offer and recommended the shareholders wh have short term investment vision in Dynamic to accept the offer.

As of June 17, 2013, Intraco received acceptance of 0.82 million share of Dynamic Colours. The offer closing date is extended from June 17, 2013, to July 2, 2013. Eric Wong and Tony Toh of CIMB Bank Singapore acted as financial advisor for Intraco Limited. Tricor Barbinder Share Registration Services acted as registrar for Intraco. DMG & Partners Securities Pte Ltd. acted as financial advisor for Dynamic Colours Limited. Central Depository (Pte) Limited acted as depository bank for Intraco Limited.