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

📆 2022/02/10 13:20:00
📰 Reuters

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

South Africa News News

South Africa South Africa Latest News,South Africa South Africa 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.

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:

Write Comment

South Africa South Africa Latest News, South Africa South Africa 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 »