For instance, independent directors must make up at least half of boards of Reit managers where unitholders do not have the right to appoint directors.
A trust scheme of arrangement is a"fair and equitable" way of effecting the merger, as it will provide a binary outcome -"all or nothing" - for the proposal, the manager added. Those abstaining from voting on the scheme are ESR-Reit's manager, its concert parties and the common substantial unitholders of both Reits - including ESR Cayman, which holds 20.88 per cent of Sabana; Chinese billionaire Tong Jinquan, who holds 3.3 per cent; Wealthy Fountain Holdings; and e-Shang Infinity Cayman.
The board of the Sabana manager also highlighted that the proposed merger was the only formal offer it had ever received.
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