EXCLUSIVE Activist investor Quarz opposes terms of $3 bln Singapore REIT merger

📆 10/02/2022 12:20:00
📰 Reuters

⏱ Reading Time:
22 sec. here
2 min. at publisher
📊 Quality Score:
News: 12%
Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Activist investor Quarz Capital Management said it is opposed to the terms of a proposed S$4.2 billion ($3.1 billion) merger of two Temasek-linked Singapore real estate investment trusts, saying the target firm was significantly undervalued.

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.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Foreign Investment in U.S. Commercial Property Exceeds Pre-Pandemic LevelsForeign investment in U.S. commercial property surpassed pre-pandemic levels last year, as overseas investors piled back in after travel restrictions eased and the U.S. economy bounced back Nice! Why would we want Americans to own property in America? '...the U.S. economy bounced back'
Source: WSJ - 🏆 98. / 63 Read more »