Corporate digest

Star Pharmaceutical

THE independent financial adviser (IFA) of mainboard-listed Star Pharmaceutical said on Tuesday that the offer price of S$0.45 a share is "fair and reasonable". The independent directors agreed with the advice and recommendations of the IFA CEL Impetus Corporate Finance and recommended that shareholders accept the offer.

This comes as the offer price represents a premium of about 180 per cent, 176 per cent, 187 per cent and 192 per cent over the volume-weighted average price per share for the one-month, three-month, six-month and 12-month periods respectively.