Offer for Boustead Projects was not so dull
Minority holders who are dissatisfied with the lowball offer price should hold out until the offeror crosses the 90 per cent threshold
LOWBALL general offers are hardly news in the local market – so, when Boustead Singapore said on Feb 6 that it would make a general offer for Boustead Projects at S$0.90 per share, I just shrugged.
In the days that followed, I began to wonder if there was something I had missed about the proposed deal.
Shares in Boustead Projects jumped above the general offer price almost immediately, closing on Feb 7 at S$0.91. The stock then climbed steadily over the two weeks that followed, eventually closing as high as S$0.99 on Tuesday (Feb 21).
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