Unit holders of ESR-Reit yesterday approved a merger with Viva Industrial Trust, bringing the creation of Singapore's fourth-largest industrial property trust a step closer to reality.
The key resolution to approve the merger received the green light from holders of 94.2 per cent of non-abstaining units that voted. Related resolutions regarding the issue of consideration units and a whitewash resolution also passed with more than 90 per cent approval. Under the proposed merger, ESR-Reit will acquire all of Viva's stapled securities in exchange for $9.60 in cash and 160 new ESR-Reit units for every 100 stapled Viva securities held.
DBS yesterday said it has priced $200 million in seven-year senior debt for Ascendas at 3.265 per cent. The unsecured and unsubordinated notes will mature on Sept 6, 2025, and will be listed on the Singapore Exchange.
Proceeds will go towards refinancing existing debts and/or financing potential acquisition opportunities, and for general corporate and working capital purposes.
The joint lead managers and bookrunners for this deal are DBS Bank, HSBC and OCBC Bank.
PrimePartners Corporate Finance, the independent financial adviser (IFA) to the recommending directors of Wheelock Properties (Singapore), has clarified its advice on the offer to take the firm private as fair and reasonable.
In a clarification letter sent late on Thursday, the IFA said due to "market feedback", it wishes to reword a paragraph in its IFA letter "to address any perception of an inconsistency between our opinion and our recommendation to the recommending directors in relation to the offer". The reworded paragraph is as follows: "Having considered the aforesaid points... we are of the opinion that the financial terms of the offer are fair and reasonable. Accordingly, we advise the recommending 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."
The original recommendation last week said the financial terms are "fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders".