SINGAPORE (July 19): Wheelock and Company has launched a voluntary unconditional general offer for all the shares in Wheelock Properties (Singapore) it does not own at $2.10 each.

HK-listed Wheelock and Company is 76.21% owner of Wheelock Properties (Singapore).

The offer was made through offer vehicle Star Attraction.

The offer values the company at over $2.5 billion. The offeror intends to delist the company if the 10% free float requirement is not satisfied.

Shares in Wheelock last traded at $1.74 on July 13 when a halt was called.

DBS Bank, the financial advisor to the offeror, says the offer price represents a premium of 29% and 22.8% over the one-month and three-month VWAPs up to and including Wednesday.

The offer price also exceeds the highest closing price of the shares since Jan 22 2010 and translates to a price-to-NAV multiple that exceeds the historical averages over the past one, three, five and 10 years on both a cum and ex-cash basis.

In 1Q18 ended March, the NAV of Wheelock stood at $3.2 billion or $2.68 on a per share basis.

DBS says the offer is an opportunity for shareholders to exit their entire investment in the company, which may otherwise be difficult due to the low trading liquidity of the shares.

Shareholders who accept the offer will receive payment of the offer price within seven business days of the date of receipt of their valid acceptances by the offeror.