In today’s briefing:
- Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer
- Lian Beng: The Family Bumps. Still <50% of NAV
Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer
- Lian Beng (LBG SP)/LBG disclosed a revised final voluntary unconditional offer from the Ong family at S$0.68 per share, a 9.7% premium to the previous offer of S$0.62 per share.
- The final offer price remains unattractive in comparison to peer multiples and precedent transactions. The offer is open and closes on 26 May.
- The Ong Family aims to privatise LBG. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 64%, which could prove to be a challenge.
Lian Beng: The Family Bumps. Still <50% of NAV
- On the 11th April, construction firm Lian Beng (LBG SP) announced an Offer from the controlling Ong family of S$0.62/share, a 59.7% discount to the November 2022 NAV of S$1.538/share.
- After media articles judged the Offer price as being too low – it is – the Ongs have now bumped the Offer Price 9.7% to S$0.68/share and declared terms final.
- It’s still the wrong price. Yet Lian Beng is illiquid, And the revised price is a lifetime high.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
