Wheelock Properties buyout price stays at $2.10

The offer price for the privatisation of Wheelock Properties (Singapore) will remain at $2.10, its Hong Kong-listed parent has said, in an announcement through DBS Bank.

As Wheelock and Company's Star Attraction unit does not intend to revise the offer price, it will not be allowed to later amend the terms of the offer, including the offer price, in any way, it said yesterday morning, citing the Singapore code on takeovers and mergers.

Meanwhile, the close of the offer has been pushed back yet again, from Sept 28 to Oct 2, in what the offeror has designated the final closing date. The offeror, which owns 76.21 per cent of Wheelock Properties, said it does not intend to extend the offer beyond 5.30pm on that day.

"If you wish to seize opportunities available in the market to reinvest in other stocks, or if you have other uses for the cash proceeds, this is your final chance to accept the offer," said the announcement, which also noted that any share purchases after Sept 26 will settle only after three market days.

Shareholders were pointed to the opinions of the independent directors and the independent financial adviser (IFA), PrimePartners Corporate Finance.

The IFA called the offer "fair and reasonable" in end-August, after an earlier recommendation that said the financial terms of the offer were "fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders".

The IFA called the offer "fair and reasonable" in end-August, after an earlier recommendation that said the financial terms of the offer were "fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders".

The Wheelock Properties counter jumped on July 19 on the news of the takeover bid and soon breached the offer price, with investors seemingly banking on an upward price revision by the offeror, which has not materialised. Shares hit a decade high of $2.24 on July 23. Wheelock Properties closed seven cents lower at $2.10 yesterday.

A version of this article appeared in the print edition of The Straits Times on September 25, 2018, with the headline 'Wheelock Properties buyout price stays at $2.10'. Print Edition | Subscribe