HNA's offer for CWT 'fair and reasonable'

CHINESE conglomerate HNA Holding Group's S$2.33-a-share offer for logistics firm CWT Limited is fair and reasonable, said Ernst & Young Corporate Finance Pte Ltd, the independent financial adviser to the deal.

This is considering the premiums implied by the offer price, share liquidity, price performance against the Singapore market, and valuation measures of the company among other things.

Accordingly, CWT's independent directors have recommended shareholders to accept the offer.

CWT last traded at S$2.33, down a cent.