NOL appoints financial adviser to assess Temasek bid

NOL appoints financial adviser to assess Temasek bid    Singapore-based Neptune Orient Lines (NOL) said today its board of directors has appointed The Hongkong and Shanghai Banking Corp. Ltd. as its independent financial adviser to evaluate the bid, made Aug. 3 by the government entity Temasek, to acquire the entire capital of the shipping company.
   A subsidiary of Temasek made a mandatory conditional cash offer worth a reported S$2.8 billion ($1.6 billion) for all of NOL’s shares.
   NOL said a formal offer document is required to be forwarded to its shareholders between Aug. 17 and 24. Once the financial adviser has assessed the formal offer and reported to the board, NOL will send a circular with the adviser’s advice and the recommendation of NOL’s independent directors to its shareholders within 14 days.
   “The process that must be followed by NOL is set out in the Singapore Code on Takeovers and Mergers and, depending on the board’s recommendation, may take from a minimum of six to eight weeks to several months to conclude,” the company said.
   NOL said the bid and the offer process have no impact on its operations.