Offer for Raffles United 'not fair and not reasonable': IFA

Singapore

THE general offer to privatise mainboard-listed Raffles United is "not fair and not reasonable", the independent financial adviser (IFA) for the company's independent directors said on Friday.

Raffles United's free float has already fallen below 10 per cent.

At the end of Friday, offeror Raffles Infinity, which is owned by Raffles United executive director Teo Xian-Hui Amanda Marie, had taken control of 91.45 per cent of Raffles United's issued shares.

To be sure, Ms Teo and concert parties already controlled 86.17 per cent of Raffles United when the offer was announced, constituting "super majority control" over the company, the IFA noted. Ms Teo is the daughter of Raffles Un…