It said the offer was made when Dyna-Mac's shares hit a 35-day low.

The Estate of Desmond Lim Tze Jong, founder and largest shareholder of Dyna-Mac Holdings, has issued a follow-up statement regarding Hanwha Ocean SG Holdings Pte Ltd's voluntary conditional cash offer of 0.60 per share.

The Estate said it supports Hanwha's ambition for Dyna-Mac to grow as a global player in the offshore marine industry. However, it said that the offer price undervalues the company's potential following its recent transformation into a multi-disciplinary contractor.

The Estate pointed out that Hanwha's offer was made when Dyna-Mac's share price was at a recent low, after it had dropped to its lowest in 35 trading days.

Since Hanwha announced the offer on 11 September, Dyna-Mac's share price has risen, trading consistently above 0.60. After the company's first-half results were released on 6 August, shares reached a 52-week high of 0.615 on 13 August, and a further high of 0.64 on 7 October.

"The Offer Price should factor in and align more closely to the growth potential and performance of the Group and its synergistic value to Hanwha," the Estate stated. "It lacks an attractive control premium and is below analysts' 12-month target price range of 0.64 to 0.715."

The Estate attributes this positive outlook to the current management team's strategy, which includes plans for growth through upskilling, diversification, and acquisitions, particularly in renewable energy systems.

Additionally, it asserted that Hanwha's offer price should reflect Dyna-Mac's growth potential and the company's prospects for "explosive growth" in the coming years.