Buyout offer fair and reasonable: IFA tell PTC Logistics shareholders

INDEPENDENT financial advisors (IFA) have urged shareholders of Poh Tiong Choon Logistics (PTC Logistics) to accept the buyout offer for the company at S$1.30 per share.

In a statement released on Friday, PTC Logistics said that the IFA have found the offer to be "fair and reasonable from a financial point of view".

PTC Logistics had in September received a buyout offer pegged at S$1.30 per share from Respond Logistics, a vehicle backed by the firm's chairman, Poh Choon Ann, and Tower Capital logistics, an affiliate of Tower Capital Logistics. The offer values the firm at S$275.5 million.

Among reasons cited by the IFA were the premiums implied by the offer price, liquidity of the shares and superior price performance of the shares against the Singapore equity market.