Investors would be better served if IFAs were to widen the scope of their advice

DELOITTE & Touche Corporate Finance, as the independent financial adviser (IFA) on Sabana Reit's proposed merger with ESR-Reit, stated in its terms of reference that it was not required to "express any advice or give any opinion on the merits of the merger relative to any other alternative".

This presumably includes the alternative of not going ahead with the merger.

The IFA's terms of reference also state it was not required to express a view on the "future growth prospects, financial position or earnings potential of Sabana Reit".

This suggests that the IFA has not looked into whether th…

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