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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

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Ben Paul

Ben Paul

Published Mon, Feb 27, 2023 · 05:50 AM
    • Boustead Singapore is offering to buy Boustead Projects at S$0.95 per share
    • Boustead Singapore is offering to buy Boustead Projects at S$0.95 per share PHOTO: BOUSTEAD SINGAPORE

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    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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