The independent financial advisers, Xander Capital, to the independent directors of APAC Realty have advised its board to reject the offer of $0.57 per share from NHPEA Ace Realty Company.
"Based on our analysis and after having considered carefully the information available to us as at the Latest Practicable Date, we are of the opinion that, as of the date hereof, the terms of the Offer, on balance, are not fair and not reasonable. Accordingly, we advise the Directors to recommend Shareholders to REJECT the Offer," Xander said in the offer circular.
On April 25, NHPEA Ace Realty Company , an entity controlled by Morgan Stanley Private Equity Asia, made an unconditional mandatory general offer for all the outstanding shares in the capital of APAC Realty that it didn't own.
