SINGAPORE (Sept 3): PrimePartners Group, the independent financial adviser (IFA) to minority shareholders of Wheelock Properties (S), recommended in its offer document on Aug 24 that shareholders accept the $2.10 offer from Wheelock and Co unless they are able to obtain a higher price on the market. Wheelock and Co own 911.92 million shares, or 76.21%, of Wheelock Properties. It is likely to cost Wheelock and Co $597.7 million to acquire the 284.63 million shares in Wheelock Properties it does not already own. As at June 30, Wheelock Properties had $853 million in cash, and its net asset value (NAV) stood at $2.60. 

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