Sabana defends ESR deal valuation but Quarz says reasoning 'absurd'
Singapore
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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