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CWG independent financial adviser deems takeover offer 'not fair but reasonable'

The independent directors of CWG International Ltd. recommended shareholders to accept Elidom Investment Co. Ltd.'s 19.5-Singaporean-cents-per-share takeover offer, after CWG's independent financial adviser deemed the bid "not fair but reasonable."

The Singapore branch of CIMB Bank Bhd., that was appointed by the target to advise it on the proposed delisting and privatization, doled out its advice based on current prevailing market, economic, industry, monetary and other relevant conditions, according to a circular issued by the developer.

CIMB Bank alternatively suggested shareholders to sell their shares in the open market if they receive a higher offer than the unconditional agreement with Elidom.

According to an earlier release, the acceptance period for the bid, submitted by RHT Capital Pte. Ltd. on Elidom's behalf, was extended to March 5 from Feb. 19.

As of Feb. 1, US$1 was equivalent to S$1.31.