On December 7, 2015, the CMA CGM Group (CMA CGM) offered SG$1.302 cash for each of the 2.6 billion shares in Neptune Orient Lines Limited (NOL), amounting to a total of $3.38 billion. This represented a 6 per cent premium above its last closing price, or a 49 per cent premium above its closing price on July 16, 2015, the last trading day before NOL said it was considering strategic options.3 Singapore's state investment firm, Temasek Holdings Private Limited (Temasek), gave an irrevocable undertaking to sell its entire majority stake of 67 per cent in NOL at this price for a total of $2.3 billion