TIH takeover - not all deals are created equal

"WHAT's good for the goose is not always good for the gander" pops into mind in the takeover bid for Singapore-listed TIH by Indonesian tycoon Stephen Riady and in part, led by TIH chairman Kin Chan of Hong Kong hedge fund Argyle Street Management. So, when a market watcher hollered "Cheapskates!" when asked to comment on the offer just as it was unveiled exactly a week ago, that may not be quite the whole story.

The part-cash, mostly-bonds offer for the only such closed-end fund listed on Singapore's mainboard is in truth, a 'private' arrangement turned public due purely to regulatory compulsion.

Let's unpack it first.