ESR-Reit's buyout offer for Sabana Reit unit holders 'too low', draws criticism
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NOT everyone is pleased with ESR-Reit's offer to buy out unit holders of Sabana Reit, and one investor is arguing that the implied offer price - which represents a 26 per cent discount to Sabana Reit's book value - is too low.
Activist fund Quarz Capital Management told The Business Times on Thursday: "Unless the management of Sabana Reit's manager shows that they are willing to sell their personal properties at a 25 per cent discount to valuation, we are puzzled why they would propose to merge Sabana Reit at a 25 per cent discount to book value."
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