Singapore: Offshore support service provider CH Offshore (CHO) has rejected the S$247.4m ($186.2m) buyout bid placed in December by Singapore-listed Falcon Energy Group.
CHO said in a statement that it does not consider the offer to be in the best interest of the company, acting on the advice of its independent financial advisor.
Provenance Capital, CHO’s independent financial adviser, said “the financial terms of the offer, on balance, are not fair and not reasonable” in circular to CHO shareholders on January 8.
Falcon placed the voluntary conditional cash offer on December 11, 2014, for all CHO’s issued and paid-up ordinary shares for the price of S$0.495 ($0.373) per share via its subsidiary holding company, Energian. [15/01/15]
