Wheelock's $2.10 offer 'fair and reasonable but not compelling', says IFA

SINGAPORE (Aug 24): The $2.10 offer for Wheelock Properties (Singapore) by its controlling shareholder is “fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders”, says the Independent Financial Adviser (IFA).

See: Controlling shareholder of Wheelock Properties launches $2.10 per share offer

PrimePartners Corporate Finance, the IFA appointed by DBS Bank on behalf of offeror Star Attraction, the offer vehicle for Wheelock and Company, the HK-listed 76.21% owner of Wheelock Properties, advises the property developer’s directors “to recommend that shareholders accept the offer, unless shareholders are able to obtain a price higher than the offer price on the open market, taking into account all brokerage commissions or transactions costs in connection with open market transactions”.

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