CIMB maintains Fincantieri Vard offer 'not fair but reasonable' in revised IFA report

SINGAPORE (July 9): CIMB Bank maintains Fincantieri Oil & Gas’ offer for Vard Holdings is “not fair but reasonable" in a revised independent financial adviser's (IFA) report after errors were found in the first one.

In its latest circular to shareholders made available in a regulatory filing this morning, CIMB says Fincantieri's exit offer price of 25 cents in cash for each Vard share now represents a discount of around 9.2% to the NAV (net asset value) per share and a 20.1% premium over the NTA (net tangible asset) per share as at March 31, 2018.

This was in comparison to its first circular, which said that the exit offer price represents a discount of around 14.9% to the NAV per share and a premium of 10.6% to the NTA per share as at Dec 31, 2017.

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