Vard's independent directors back Fincantieri's privatisation bid

Singapore

THE independent directors of Vard Holdings have backed a bid by Italy incorporated shipbuilding group Fincantieri to take its Singapore-listed subsidiary private.

In an announcement issued before trading hours on Thursday, Vard said that its independent directors concurred with the recommendation of the independent financial adviser (IFA), KPMG, for shareholders to accept the voluntary conditional cash offer from Fincantieri.

The Italian parent group, which holds a controlling stake of 55.63 per cent or over 656 million shares in Vard through Fincantieri Oil & Gas SpA as at Nov 14, offered to …