SINGAPORE - At a family gathering at a restaurant in Resorts World Sentosa, Shae Toh Hock told his sister and her husband aboutShae, a senior vice-president at one of Nippon’s subsidiaries, knew that Nippon would likely acquire DuluxGroup and that it would likely make an offer with a premium of around 30 per cent over Dulux’s existing share price.
Having been tasked with conducting due diligence on Dulux before the acquisition, Shae Toh Hock’s team shared a report with Nipsea’s chief executive on March 20, 2019, which assessed Dulux’s business positively. Days later on April 11, Shae Hung Yee called her brother, who said that the price of Dulux shares would probably rise around 30 per cent after the acquisition.
Dulux announced Nippon’s acquisition April 17, 2019. That day, a total of 15.7 million Dulux shares were traded – an 865 per cent increase from the average daily traded volume in the one-month preceding the announcement. Dulux’s share price rose 27.1 per cent from its previous day’s close.
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