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Nan Fung raises cash offer for Forterra Trust to S$2.25 per unit
NAN Fung International Holdings - one of the largest privately-owned property developers in Hong Kong - has raised its cash offer for Singapore-lised Forterra Trust to S$2.25 per unit from S$1.85 previously.
This followed Nan Fung's purchase of an additional 53.9 million units by way of a number of married trades on the Singapore Exchange at S$2.25 apiece.
The new offer price translates to a 32.4 per cent premium over the last traded price per unit on Nov 3, and a 50.6 per cent premium over the volume-weighted average price of shares for the one-month period up to and including Nov 3.
Credit Suisse (Singapore), the financial adviser to Nan Fung, said the latter will not further revise the final offer price.
The cash offer turned unconditional after Nan Fung acquired more than 50 per cent of the maximum potential total units in Forterra. As at last Friday, Nan Fung has not received any valid acceptances in respect of the offer units.
The closing date of the offer will be extended from Dec 18 to Jan 5.