On Dec. 31, MCT announced plans to buy MNACT, seeking to create the seventh-largest REIT in Asia with an expected market valuation of about S$10.5 billion.
"Quarz has been approached by many MNACT unitholders on MCT's inferior offer for MNACT. We agree that the offer is value destructive to unitholders and significantly undervalues MNACT," Moermann and Havard Chi, Quarz's Singapore-based research head, said in the letter. Since then, MCT's units have fallen 8.5% to S$1.83 as of Wednesday's close, while MNACT's were unchanged at S$1.1.
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