Quarz Capital decries 'value destructive' offer for MNACT in proposed merger with MCT
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ACTIVIST fund manager Quarz Capital Management has taken issue with what it says is a "value destructive" deal for Mapletree North Asia Commercial Trust (MNACT) RW0U to merge with Mapletree Commercial Trust (MCT) N2IU .
In an open letter addressed to the board and management of MNACT, Quarz said the proposed merger price significantly undervalues MNACT and comes at a "massive" discount to its net asset value (NAV) per unit.
"The proposed merger offer price for MNACT is at one of the highest discounts to NAV in the 20-year history of the Singapore real estate investment trust (Reit) market," Quarz said in a letter sent to MNACT on Wednesday (Feb 9) night. "We urge MNACT's board and management to protect unitholders' interest and negotiate for a higher and fairer merger offer."
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