In his Jan 27 note, Tay is of the view that the privatisation offer is "fair", given the valuation of 1.07x 9M24 P/BV, which is higher than Japfa’s historical average of 0.7x over the past 10 years.
CGS International analyst Tay Wee Kuang is recommending that Japfa (SGX:UD2
) 's minority shareholders accept the 62 cents per share privatisation offer put forward by the controlling Santosa family.
Under a scheme of arrangement, the nod from shareholders representing at least 75% in value of the scheme shares for the offer will be required.
