CapitaLand's acquisition of Ascendas-Singbridge gets overwhelming nod from shareholders

Singapore

SHAREHOLDERS raised some concerns over CapitaLand's proposed acquisition of Ascendas-Singbridge (ASB) at an extraordinary generating meeting (EGM) on Friday before overwhelmingly giving their blessing for the deal.

The property developer is paying Temasek Holdings nearly S$6.04 billion for industrial and commercial real estate player ASB, although the deal has an enterprise value of about S$11 billion when taking into account some S$5 billion in debt owed by ASB.

Half of the S$6.04 billion will be paid in cash, while the balance S$3.017 billion will be paid in new shares at S$3.50 apiece. This represents a 7 per cent premium over the last traded price on the day before the announcement when CapitaLand's shares closed at S$3…