Sabana defends ESR deal valuation but Quarz says reasoning 'absurd'
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THE manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has insisted that its proposed deal with ESR-Reit does not necessarily undervalue Sabana as it is a merger and not an asset sale. But activist fund Quarz Capital Management criticised this reasoning as "absurd".
Quarz was responding to a statement from Sabana on Wednesday explaining that because Sabana Reit and ESR were merging, unitholders would be able to stay invested in a "stronger, larger and more resilient enlarged Reit".
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