Offer for Wheelock 'fair, reasonable, but not compelling': IFA
It says that although the offer price is a 19% discount to NAV, the discount is less than its trading discount in the past year
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PRIMEPARTNERS Corporate Finance, the independent financial adviser (IFA) to the recommending directors of Wheelock Properties (Singapore), on Friday said that the financial terms of the offer to take the company private are "fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders".
It reached this conclusion after considering that the developer's revenue has decreased significantly in the period under review as most of the completed development properties have been sold, and the company has not added any new property development projects during this time.
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