Indofood offer 'not fair but reasonable'

Singapore

INDOFOOD'S $1.12 a share general offer for China Minzhong is "not fair but reasonable", said the independent financial adviser appointed by China Minzhong's directors.

PricewaterhouseCoopers Corporate Finance (PwCCF), whose recommendations the directors have adopted, said the offer was "not fair" as, among other reasons, the offer price is at a discount to the company's latest unaudited net asset value per share and has a lower premium to its range of volume-weighted average prices compared to other successful delisting and privatisation deals in the 12 months before the offer.