NOL asks HSBC for independent advice

The independent directors of NOL mandate HSBC as independent financial adviser in the face of Temasek''s takeover bid.

Neptune Orient Lines NOL yesterday announced that it had appointed HSBC to the role of independent financial adviser to the independent directors of the company. HSBC's role will be to evaluate the merits of the mandatory conditional cash offer made by Temasek Holdings for all the shares in NOL.

This offer was made on 3 August and so the appointment of HSBC came on the ninth day of proceedings. The ball is now back in Temasek's court as it has until 24 Augustto send its detailed takeover offer to NOL's shareholders. HSBC will then have until the 6 September or14 days after the posting of the offer document...

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