In today’s briefing:
- Boustead Projects: Boustead Singapore Bumps. Still Underwhelming
Boustead Projects: Boustead Singapore Bumps. Still Underwhelming
- On the 6 Feb, Boustead Projects (BOCJ SP), a high-spec facilities designer and builder, announced an unconditional Offer from Boustead Singapore Limited (BOCS SP) at S$0.90/share.
- The Offer price was low-balled. Taking into account net cash of S$154mn, this was being done cheaply. It needed to be bumped and shares traded up to S$0.99 in expectation.
- BOCS has now bumped to S$0.95/share and declared terms final. Not a great outcome for minorities.
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