Sias needs to play hardball to help minority investors fend off lowball offers

LESS than one week after the Securities Investors Association (Singapore), or Sias, called for the offer price for Boustead Projects to be raised, the advocate for public shareholder rights seemed to get its way.

On Feb 22, Boustead Singapore said it would raise its offer price for Boustead Projects from S$0.90 to S$0.95.

Yet, the offer price hike is unlikely to have satisfied long-term shareholders of Boustead Projects. By the time Boustead Singapore hiked its offer price, shares in Boustead Projects were trading at S$0.99 – suggesting widespread speculation that the offer price would be raised by much more.