SINGAPORE (Feb 8): CIMB Research is maintaining its “add” recommendation for Auric Pacific Group with an unchanged target price of $1.96 on the belief that the current offer price for the takeover of the group is “not favourable”.

Auric Pacific is an investment holding company which owns and operates a range of businesses including the Food Junction chain of food courts, Delifrance cafes, as well as the manufacturer of Sunshine Bread.

To recap, Auric on Tuesday announced that its major shareholder Stephen Riady and his son-in-law Andy Adhiwana, have made a voluntary cash offer – through their jointly-owned investment vehicle, Silver Creek Capital – to take over the remaining 23.28% of the company which they do not already control, at $1.65 per share.

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