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Laguna Resorts adviser urges shareholders to accept Banyan Tree's 2.3B-baht bid

Laguna Resorts & Hotels Pcl's financial adviser, in relation to the takeover proposal launched by its parent and fellow Banyan Tree Holdings Ltd. subsidiary Banyan Tree Resorts & Spas (Thailand) Co. Ltd., said shareholders of the target should accept the 2.28 billion-Thai-baht offer.

In the results of its proposal review, Siloam Advisory Co. Ltd. said that the 40 baht-per-share bid is appropriate and fair, as it is higher than the estimated fair value of the target, which is between 26.88 baht per share and 34.95 baht per share.

Siloam Advisory considered five approaches in determining the fair value of the company's shares — market price, discounted cash flow, book value, adjusted book value and the market comparable approaches.

As of March 9, US$1 was equivalent to 31.37 Thai baht.