to Sabana’s NAV as at June 30 and a 34 per cent discount to its NAV as at December 2019.
Describing the merger as"opportunistically timed during the Covid-19 crisis", the firms pointed out that the merger offer was made a year after ESR Cayman had bought a substantial stake in Sabana Reit and a controlling stake in the Reit's manager at a"rich" premium from the same vendor. "It is thus hard to comprehend why Sabana’s board and management would propose to 'panic-sell' at a substantial discount to book value, which has been very conveniently and temporarily reduced from S$0.57 to S$0.51 per unit by the weaker market sentiments due to Covid-19.
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