Singapore

SHAREHOLDERS of Kingboard Copper Foil (KCF) Holdings have been advised to reject a takeover-cum-privatisation offer by the independent financial advisers (IFA) as well as KCF's independent directors (IDs).

In a circular to shareholders dated April 3, the company said the IFA for the deal, Provenance Capital, said in its recommendation to the KCF's independent directors that the offer of S$0.40 per share is "not fair and not reasonable". Since the IDs stated they agree with the advice, their recommendation to shareholders is to reject the offer.