Vard IFA reiterates Fincantieri bid 'not fair but reasonable'

Singapore

VARD'S independent financial adviser CIMB Bank has maintained its recommendation that Fincantieri's buyout offer is "not fair but reasonable" in the shipbuilding company's latest circular released on the Singapore Exchange.

Updated numbers on the latest release showed that the exit offer price of S$0.25 in cash for each offer share represents around a 9.2 per cent discount to the net asset value (NAV) per share, and a 20.1 per cent premi…