Boustead Singapore has heeded calls to improve its offer for separately-listed subsidiary Boustead Projects .
The engineering and property firm will now offer 95 cents to take its property-focused subsidiary private. This is 5 cents more than the original offer of 90 cents, but 4 cents below Boustead Projects’ last traded price of 99 cents.
According to Boustead Singapore F9D after market closed on Feb 22, the revised offer price is final, unless there’s a “competitive situation.”
After Boustead Singapore made the initial offer, there have been suggestions that the original offer price, at just 0.7 times Boustead Projects' book value of $1.265 per share, is too low.
SIAS president David Gerald has urged Boustead Singapore to improve its offer to a level nearer to Boustead Project’s book value.
