Blackstone's bid for Croesus 'fair and reasonable': CIMB
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AN independent financial adviser has found Blackstone's S$1.17 per unit cash offer to privatise Croesus Retail Trust to be "fair and reasonable", and recommends that holders vote in favour of the bid at a scheme meeting.
In its report, CIMB said that although the Japan-based shopping mall trust's market price was at a premium to the offer price, the premium was partly a reflection of expectations about the trust's permitted distributions. The offer price represents a premium of 24.5 per cent to 37.7 per cent over the various volume-weighted average trading prices from listing until June 23, 2017, the last full day of trading before the bid was announced, CIMB said.
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