SINGAPORE (July 1): The offer for Indofood Agri Resources lapsed this past week. In my view, the directors who recommended the deal should now resign.

Before I go any further, let me just make it clear that I am not accusing these directors of breaking any rules or being derelict in their duties. I am also not holding myself out to be some kind of expert on corporate governance matters. It seems clear from events that have unfolded, however, that the directors who recommended the offer do not recognise the underlying value that minority investors like me see in IndoAgri’s shares. Indeed, the recommending directors evidently do not recognise the value that IndoAgri’s controlling shareholder sees either.

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