DBS recommends Vard shareholders accept the offer

SINGAPORE (Nov 16): Fincantieri S.p.A., the 55.6% shareholder of Vard Holdings, has announced a voluntary conditional cash offer for the remaining shares in Vard at 24 cents, and DBS Group Research recommends shareholders accept the offer.

(See:Vard gets 24 cents/share privatisation offer from Fincantieri)

Suvro Sarkar, the analyst at DBS, noted that the offer price is 33% above its last target price of 18 cents, 11.6% above the one month volume weighted average price, and 1 cent above its last closing price of 23 cents.

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