for all Challenger shares at S$0.56 apiece.
Pangolin, which owns 2.94 per cent of Challenger, released a report in March bemoaning that Digileap's offer price was too low and unfair for minority shareholders, and that Challenger should be valued by its cash flow to shareholders, in which case the fair value of the shares should be at least S$1.15, not the S$0.56 offered by Digileap.
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