Design Studio Furniture (D11.SG) gaps up at opening, last +13.2% at $0.645 on strong volume, says Dow Jones.

The increase comes as Dubai-based Depa Interiors, unit of interior designer Depa (DEPA.DIF), raises takeover offer price for Singapore company to $0.65/share from $0.55/share in bid to sweeten deal after lukewarm reception from minority shareholders to its initial offer unveiled in June.

Depa, which had 24.73% stake in Design Studio before announcing initial offer in June, now owns 51.22%. Revised offer closes Aug 18. Kim Eng Securities notes latest offer values Design Studio at forward P/E of 5.4x; “in our view, this is a sweet deal for Depa considering Design Studio’s strong clientele and presence in Asia.”