Sunningdale latest to face activist investor Quarz
Securing improved terms for minorities would be better outcome than voting down the whole deal
Add BT as a preferred source
QUARZ Capital Management is at it again. Barely six weeks after winning a bruising battle to prevent Sabana Reit from merging with ESR-Reit on value-destructive terms, the activist investor has turned its sights on Sunningdale Tech - a precision plastic components maker in the throes of a private equity buyout.
Under the deal, which was announced on Nov 9, Sunningdale's chairman and major shareholder Koh Boon Hwee has teamed up with a unit of Novo Tellus PE Fund 2 to offer minority shareholders S$1.55 per Sunningdale share.
In an open letter to Sunningdale's board, Quarz grumbled that the deal is opportunistically timed - coming right after an extended period of heavy capital expenditure by Sunningdale that weighed on its profitability.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Not retirement, but a rewiring and fresh perspectives post-DBS, says Piyush Gupta
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
Singapore’s national accountancy body sets up task force to strengthen financial reporting
