Chip Eng Seng IFA’s ‘fair and reasonable’ finding needs to consider factors that matter most
WHEN Chip Eng Seng Corporation (CES) last month issued a circular in relation to the privatisation offer from its major shareholders, it was interesting to note the independent financial adviser’s (IFA) opinion on the deal.
The offer of S$0.75 per share represented a steep 43.9 per cent discount to CES’s revalued net asset value (RNAV) per share.
But the IFA, Xandar Capital, deemed the offer to be “fair and reasonable” – and recommended shareholders accept it.
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