SIAS urges Sin Heng Heavy Machinery shareholders to reject TAL United’s ‘lowball offer’

The offer is a 41% discount on the estimated net asset value per share.

The Securities Investors Association Singapore (SIAS) urges shareholders of Sin Heng Heavy Machinery to reject TAL United’s voluntary unconditional cash offer of $0.58 per share to acquire the company.

The offer price represents a 41% discount to the estimated net asset value (NAV) of $0.98 per share which would be even higher if a dividend of $0.05 were to be excluded from the offer price.

According to SIAS, the offer is “not fair and not reasonable” and was below the median and mean of the Price/Net Asset Value (P/NAV) ratios of selected comparable transactions.

TAL United said that the price is final and will not be revised, and the offer will close on 30 April 2025 at 5:30 pm.

SIAS said that TAL should consider a Revalued Net Asset Value (RNAV) of $1.15 per share if it wants to privatise the company.

“SIAS believes it is in the best interests of all minorities to collectively send a message to the offeror that they will not accept such a lowball offer. No action is required from shareholders to reject the current offer,” David Gerald, founder, president, and CEO of SIAS said.

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