Boustead Singapore makes an exit offer of $1.18 per share for Boustead Projects
The exit offer is unconditional.
Boustead Singapore (BSL) has proposed an unconditional cash exit offer of $1.18 per share to acquire the shares in Boustead Projects (BPL) that the former do not own yet. BSL holds a 75.50% stake at BPL.
At $1.18 per share, BSL’s exit offer Price is 23.6% higher than the last traded price of $0.955 before the suspension of trading and 24.2% higher than the $0.95 per share final offer price of the previous offer made on 27 March.
It also represents approximately 20.0 times and 0.9 times BPL's consolidated earnings per share and net asset value per share, respectively, for the last financial year.
PrimePartners Corporate Finance and Ernst & Young Corporate Finance will serve as independent finance advisers of BPL and BSL, respectively.