In today’s briefing:
- Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer
Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer
- Japfa Ltd (JAP SP) disclosed privatisation through a scheme of arrangement from the Santosa family at S$0.62 per share, a 34.8% premium, to the undisturbed price of S$0.460.
- While the offer is attractive compared to historical share price ranges, it is light compared to peer and historical multiples.
- The offer has not been declared final. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership minimises the vote risk.
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