Independent advisers recommend accepting SC Global buyout offer
Published on Dec 26, 2012 6:27 PM
The independent financial advisers appointed by SC Global have recommended that shareholders accept chairman Simon Cheong's offer to take the firm private.
"We are of the opinion that,on balance, the financial terms of the offer are fair and reasonable and are not prejudicial to the interests of minority shareholders," wrote PrimePartners Corporate Finance in a statement released this afternoon.
Mr Cheong, who is also SC Global's chief executive, launched a bid to take the high-end property developer private on Dec 5, offering $1.80 for each share, which values the firm at about $745 million.
He said that a market listing was making little sense given that SC Global had not raised funds from the capital markets for six years and few of its shares are traded each day.