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Hot stock: SMRT resumes trading 8% up after Temasek's offer
SHARES of SMRT Corp resumed trading 8 per cent higher on Thursday, a day after Temasek Holdings' proposed S$1.2 billion buyout of the transport operator.
SMRT was traded to S$1.67 a share, before hovering around S$1.66, up 11.50 Singapore cents or 7.44 per cent at 9.10am, compared to its last traded price of S$1.545 last Friday (July 15). The counter eventually closed at S$1.645, up 10 Singapore cents or 6.5 per cent.
The takeover offer by Temasek's wholly owned Belford Investments, received by SMRT on July 16, a day after details of the New Rail Financing Framework were unveiled, is pegged at S$1.68 cash per share.
This values SMRT at some S$2.57 billion and is an 8.7 per cent premium over its last traded price of S$1.545 last Friday; it is also a 10.7 per cent premium over its three-month volume-weighted average price prior to the last trading day.