Citic Envirotech buyout offer 'fair and reasonable', says IFA

THE buyout bid for mainboard-listed Citic Envirotech has been deemed fair and reasonable by the deal's independent financial adviser , according to a circular on Monday fixing the vote on the privatisation offer.

In keeping with Novus Corporate Finance's advice, the company's independent directors have recommended that shareholders accept the S$0.55-a-share offer that was launched by the majority owner, Citic Group Corp's Citic Environment Investment Group, in November. Among other factors, the IFA noted in its assessment that, although the exit-offer price represents a significant discount to a placement price of S$0.85 in a 2018 placement, it is still higher than the last closing price of S$0.37 before the offer kicked off.

Also,"the offeror already has statutory control over the company" and can significantly influence management, operating and financial policies, Novus Corporate Finance added.

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