SMRT shareholders to vote on Temasek buyout on Sep 29
Posted 06 Sep 2016 11:51
Updated 06 Sep 2016 12:00
SINGAPORE: SMRT shareholders will vote on Temasek Holdings' proposed buyout of the public transport company on Sep 29.
In a filing to the Singapore Exchange (SGX), SMRT said the proposed arrangement was for Belford, a wholly-owned subsidiary of Temasek, to acquire the 46 per cent of SMRT that Temasek does not already own.
The offer price is S$1.68, as stated by Temasek when it first announced the offer in July. This price, which an independent financial adviser (IFA) of SMRT has assessed to be "fair and reasonable so far as the scheme shareholders are concerned", will not be increased, the transport operator said.
SMRT's IFA, Rothschild, has recommended that shareholders vote in favour of the scheme at the meeting, or sell their shares in the open market if they are able to obtain a higher price.
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Will this be another bad investment by Temasek ? Why would any investor buy over SMRT when it is full of technical problems which have not been resolved ?
