Riady family's offer for Auric Pacific 'fair and reasonable'

INDEPENDENT financial adviser MS Corporate Finance has advised independent directors that the Riady family's offer to take Sunshine bread maker Auric Pacific Group private is "fair and reasonable".

Accordingly, it has advised the recommending directors to ask shareholders to either accept the offer or sell their shares in the open market, if they can obtain a higher price after deducting transaction and related expenses.

Through a vehicle called Silver Creek Capital, the Riady family is making a voluntary conditional cash offer for all the shares in Auric Pacific Group that it does not already own, at S$1.65 cash per share. It will not revise the offer price.

The recommendation of the recommending directors has been despatched to shareholders.

As at 12.39pm, Auric Pacific was flat at S$1.655.