Striking a share swap ratio can be a delicate balancing act
IT IS tricky for an acquirer to come up with the "right" swap ratio for a merger with a target firm that would appease shareholders on both sides.
More so in a volatile market.
Viva Industrial Trust (VIT), being a target for merger with the Warburg Pincus-backed ESR-Reit, has seen its unit price fall 9 per cent from the start of February to S$0.86 on Tuesday, pummelled in part by the correction on Wall Street.
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