Investment research company Morningstar has recommended that unitholders of Suntec Real Estate Investment Trust (Reit) reject the revised S$1.19 apiece cash offer from property tycoon Gordon Tang and his wife Celine, the Business Times reported.
The offer was made through their investment holding company Aelios, which was formed to undertake the offer and acquire the Reit’s units.
In a note on Thursday (Jan 9), Morningstar equity analyst Xavier Lee said that while the revised offer is a 2.6 per cent improvement from the initial one of S$1.16 apiece made on Dec 5 last year, it still falls below the research company’s fair-value estimate of S$1.38 a unit, and “does not reflect the Reit’s intrinsic value”.
He believes the offer price was revised to comply with the Singapore Code on Take-overs and Mergers, which requires the offeror to match or exceed the price paid in the open market for the shares it acquires during the offer period, and in the six months immediately preceding the date of the offer announcement, “to ensure fair treatment of all shareholders”.
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