IFA says offer to buy out TIH 'not fair and not reasonable'

Singapore

IT shouldn't come across as a big surprise that independent financial adviser (IFA) Tata Capital Markets has deemed the takeover offer of mainboard-listed TIH Ltd by Indonesia's Lippo Group as "not fair and not reasonable" and has recommended that the company's independent directors advise shareholders to reject the offer.

The IFA cited several factors that led to the recommendation, not least because shareholders will not be receiving the offer price fully in cash.