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Author: kimeng   |   Latest post: Thu, 21 Feb 2019, 11:04 AM

 

Wheelock Properties (S) Ltd: Offeror Announces Final Offer Price (S$2.10/share) and Final Closing Date (5:30PM on 2 Oct 2018)

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Regarding the voluntary unconditional general offer from Wheelock & Co, the Offeror has announced both a final offer price as well as a final closing date.

First, the Offeror does not intend to revise the Offer Price of S$2.10. Therefore, in accordance with Rule 20.2 of the Code, the Offeror will not be allowed to subsequently amend the terms of the Offer, including the Offer Price, in any way.

Second, the Offeror has extended the closing date of the offer from 5.30 p.m. on 28 Sept 2018 to 5.30 p.m. on 2 Oct 2018. This is the final closing date – the Offeror does not intend to extend the offer beyond 5.30 p.m. on 2 Oct 2018.

We previously noted the substantial gap between our fair value estimate of S$2.34 and the offer price and encouraged investors to Reject the Offer.

Given the latest announcement, we place our rating under review as we consider the various potential payoffs for shareholders.

Source: OCBC Research - 24 Sept 2018

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