SoftBank and Naver should offer at least 7,000 yen ($89.99) a share, Metrica Partners Pte. said. The 5,380 yen proposed by the buyers in the tender offer that runs through Sept. 15 is “very low,” the investor said.
A Singapore-based money manager came out against SoftBank Group Corp. and Naver Corp.’s tender offer for the messaging app Line Corp., joining the chorus of investors arguing that the price undervalues the company.
The criticism of the deal is the latest example of minority shareholders questioning the price of transactions in Japan where a parent buys out the rest of the shares in a listed subsidiary.
