Offer for Allied Technologies ‘not fair and not reasonable’: IFA

Independent financial adviser (IFA) Xandar Capital has deemed the acquisition offer for Allied Technologies by SRS Auto Holdings not fair and not reasonable.

Allied Tech’s independent directors have also agreed with the IFA, and are recommending that shareholders reject the offer.

At S$0.0088 per share, the privatisation offer values the Catalist-listed precision engineering company at S$15.6 million. The privatisation offer is also 20 per cent lower than the last traded price of Allied Tech’s shares.